About Us

A Brief History Of Prince George's Federal Savings Bank

On March 17, 1931, T. Van Clagett, T. Van Clagett, Jr., Adrian P. Fisher, William T. Davis, LeRoy Pumphrey and Samuel A. Wyvill, a group of local businessmen, founded Prince George's County Suburban Home Building Association, Inc. The office was located in the present Maryland Home Title Company Building located at 14714 Main Street, Upper Marlboro, Maryland. The main objective of this group was to raise capital for lending to local people in the Southern Maryland area for financing the purchase and construction of homes. ARTICLE II of the original CONSTITUTION AND BY-LAWS stated, "The objects of the association are to promote thrift by providing a convenient and safe method for people to save and invest money, and to provide for the financing of homes."

The Association's first president was T. Van Clagett; followed by T. Van Clagett, Jr., Samuel A. Wyvill, Robert Y. Clagett and the current president, Hal C. Rich III. Mildred S. Mandell became Secretary in 1936 and managed the Association until her retirement in July 1966. Hattie A. Maenner became the Managing Officer in August 1966, and maintained that position until her retirement in December 1992, at which time Hal C. Rich III became Managing Officer.

In 1937, the Association's name was changed to Prince George's Building Association. In 1973, we became Prince George's Savings & Loan Association. In 1981 Federal insurance regulations required a name change to Prince George's Federal Savings & Loan Association, which remained until 1989, at which time the shareholders voted to change the name to Prince George's Federal Savings Bank.

In 1941, total assets of the Association had reached approximately $150,000 and the interest charged on mortgages was 4%.

In 1952, the Association relocated to the intersection of Main & Pratt Streets in Upper
Marlboro, and in 1990 completed the construction of our new building which we occupy today. Federal insurance on savings accounts was acquired in 1953, and in 1987 the institution converted from a mutual to a stock corporation. The bank maintains its main office in Upper Marlboro and has full service branches in Dunkirk and Huntingtown in Calvert County.

Assets reached 2 million dollars in 1960, with almost 90% of this figure invested in first mortgage loans. In 1980, assets were approximately 8 ½ million, as compared to over 100 million today.

Former directors who have served Prince George's Federal were Harry W. McNamee, A. Douglas Parran, Abram Z. Gottwals, Charles A. Ryon, W. Carroll Beatty, Joseph O. Wyvill, William B. Bowie, Walter D. Addison, Jerome Pollock, B. Ford Hallam, Harry T. Jenkins, Thomas V. Clagett, III, Joseph Chaney, James S. Heal, Wilbur F. Ward, Jr., Yates F. Hallam, Hon. Ralph W. Powers, Russell M. Buck, Walter M. Meinhardt, Sr., and William B. C. Addison, Sr.. Currently serving as directors of Prince George's Federal are Robert Y. Clagett, David H. Gwynn, Jess Joseph Smith, Joseph A. Ripple, Ralph W. Powers, Jr., Walter M. Meinhardt, Jr., Hattie A. Maenner, Morgan W. Wayson, Jr., and J. Allen Swann.

Prince George’s Federal Savings Bank is currently a member of the Federal Home Loan Bank of Atlanta, The Federal Reserve Bank of Richmond, America’s Community Bankers, Independent Community Bankers of America and the Maryland Bankers Association. The bank’s deposits are insured by the Federal Deposit Insurance Corporation and subject to regulation and supervision by the Treasury Department’s Office of Thrift Supervision.

The philosophy of the Savings Bank today remains the same as the original Association in 1931, and that is to provide a safe place for people to save money and to invest those assets in mortgage loans for the construction of homes and purchase of residential properties in Prince George's, Anne Arundel, Calvert, Charles and St. Mary's counties. Prince George's Federal has had a dynamic influence on the economy of Southern Maryland and will strive to continue this in future years.