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About Fairmount Federal Savings Bank

Corporate Philosophy

We will build an organization founded on integrity, consistency, dedication and respect for our customers, team members and our community. Fairmount Federal will be managed at the highest levels of legal, ethical and moral conduct.

We believe Fairmount Federal Savings Bank can best service its stakeholders by being a consistently profitable bank while continuing to expand its targeted market area.

Mission Statement

Fairmount Federal Savings Bank is a professionally managed, market driven financial service company dedicated to providing a complete range of financial services to people and businesses in our designated market areas. We will do everything possible to maintain the confidence and support of our local community; to provide appropriate deposit and loan products at competitive prices; to maintain steady growth in total assets and to maintain profitability to retain a sound base of equity capital.

History of Fairmount Federal Savings Bank

In the 1800’s, immigrants passed through Baltimore’s Locust Point in numbers second only to Ellis Island. These new-comers gravitated to sections of the city where kinsmen kept alive the culture of their homeland. One such neighborhood grew in a part of East Baltimore, where natives of Czechoslovakia and surrounding eastern European countries preserved the language, religion and customs. Religion figured prominently in the life of this community and St. Wenceslas Church was erected at the corner of Ashland Avenue and Collington Avenue.

These immigrants also decided they needed financial institutions to serve the needs of this fast growing population. On August 23, 1879, six individuals met on the second floor of Anton Rytina’s Bar at 1919 East Fairmount Avenue and organized “The Fairmount and Chapel Streets Permanent Building, Savings and Loan Assn No 1 Inc.” On October 20, 1879, the new organization was incorporated. It had a total membership of 27. Thirty four dollars was collected for deposits. Its first officers were: President – Anton Rytina; Vice President – Frances Rorbel; Secretary – Josef Sott; and Treasurer – Jan Moravec. All records were kept in the Czech language until 1948 at which time English was used.

In 1960, the name of the association was changed to “The Fairmount Savings and Loan Association, Inc.” In 1963, the Association purchased a lot at the corner of Philadelphia Road and Kahler Avenue in Rosedale, Maryland. That was also the year the Association became insured by the Maryland Savings Share Insurance Corporation. By 1970, the Association had moved its office to the lot on Philadelphia Road.

In 1979, Fairmount celebrated its 100th Anniversary and received messages of congratulations from President Jimmy Carter, the Assistant Secretary of the Treasury, as well as the House of Representatives and the Maryland House of Delegates.

The Savings and Loan crisis hit the State of Maryland in 1985 and the Board of Directors authorized the bank to apply for the Federal Savings and Loan Insurance program. The Board also authorized for the conversion of the bank from a State chartered Savings Association to a Federally Chartered Savings Bank. Upon approval of the Federal Home Loan Bank for a Federal Charter, our name was changed to “Fairmount Federal Savings Bank.”

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