A little less than 30 years ago, the Savings & Loan business was fine. #1911 was issued in May 0f 1981 to commemorate 150 years of S&Ls. This stamp isn’t particularly handsome or creative. It depicts a toy bank in the shape of a bank building. Of course, a lot of what we think about S&Ls has changed since then.
S&Ls had done big business since the end of World War II. The industry was so strong that interest rate wars erupted between S&L’s causing Congress to enact limits on savings rates in 1966 which ultimately contributed to the S&L crisis of the late 1980s. The resulting bailout was around $87 billion, just barely exceeding what the US Government paid for just AIG in 2008.