WESTERN SAVINGS AND LOAN

Contents

Beginnings

Accomplishments/Recognition

Other Endeavors or Accomplishments of Driggs Posterity

External links

Beginnings

Western Savings and Loan
The Driggs family came to Arizona in 1921 after trading everything they owned--a bank, drugstore, hotel, and wheat farm in Driggs, Idaho--for a section of cotton land in Maricopa County. Their timing was unfortunate since when their crop came in cotton prices plummeted and they were forced to take jobs selling building and loan certificates. In 1929, the Driggs family pooled $5,000 to found the Western Building and Loan Association, which became Western Savings.
It operated very successfully eventually becoming a $6-billion savings and loan institution. Western had shared a position on the list of the nation's 100 largest savings and loans--MeraBank was number 27 on the list, Western came in at 37th, Great American was 67th, and Pima was 82nd. But in 1989, Western Savings moved into second place--not for its size, but for the amount of its losses, with a whopping $1.06 billion net deficit, following a substantial but smaller loss the previous year. The venerable savings and loan was headed for takeover by the Resolution Trust Corporation in the federal depositor bailout process. The failure of Western Savings and nearly every other savings and loan in the nation were the result of the Reagan era savings and loan modifications which forced them to attempt to seek riskier investments.

Accomplishments/Recognition

American Newcomen honored Western Savings and Loan Association in the year of the Company's 40th anniversary. Since it was formed by the Driggs family in the Spring of 1929, six months before the historic stock crash, Western Savings had at that time grown to become the largest savings and loan association in Arizona and among the 100 largest in the United States. The major objectives of the Association were the encouragement of thrift and the promotion of home ownership. Over the years up to that point, more than 30,000 first mortgage loans had been made, totaling more than 390 million dollars, thus providing an important factor in the growth and development of Arizona. The story of Western Savings is the story of a family working together to build an institution, and the history, growth, and influence of the Association is in the finest tradition of the American Spirit of free enterprise.
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Other Endeavors or Accomplishments of Driggs Posterity

In 2002, Scott and Kevin Driggs decided to start Driggs Search International, a business that aids companies in attracting top talent. In the 1920s, their grandfather started Western Savings and Loan in Arizona with family members; in the 1970s and 1980s it was the largest banking institution in the state.
People warned Scott and Kevin about the risks of going into business with family members, but Kevin said he drew from his grandfather's experiences at the Western Savings and Loan.
"I've researched how they worked together. I tried to understand and learn from them," said Kevin, a BYU MAcc graduate. "They were very open with one another—at times they would even offend one another. We've tried to be open, but not offensive. We don't want to harbor negative feelings for one another."
Scott, a BYU political science and Spanish graduate, believes their family's closeness has helped their company get off to a great start. "Being in business together is great—the communication and trust is wonderful. Our ability to work well together might come from growing up playing together," he says.
Kevin also credits his Marriott School education as beneficial teamwork training. "While earning my degree I did a lot of work with teams and learned how to be in a team environment. That has probably been the biggest assistance in my career," he said.
Before starting Driggs Search International, Scott was a senior account manager at an international search firm in Salt Lake City. Kevin has worked for PricewaterhouseCoopers, Honeywell, and Phelps Dodge. He has hired, trained, and mentored employees throughout his career. Another brother, Ryan, went to Arizona State University and works at Driggs Search International as a vice president; he previously worked in sales and marketing at IBM, Toshiba, and Compaq.
Despite their extensive professional experience, Kevin said it was a little scary starting a new business. "Taking risks is not typically part of accountants' nature, but this was something I've wanted to do. The timing was right."
In 2006, Adam Driggs was elected to the Arizona State House of Representatives.
Edmund H. Driggs was a United States Representative from New York between December 6, 1897, to March 3, 1901.
John F. Driggs was elected as a Republican becoming the first person to represent Michigan's 6th congressional district to the 38th, 39th, and 40th Congresses, serving from March 4, 1863 to March 3, 1869.
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External links

★ https://shop.newcomen.org/product.php?productid=81231

★ http://marriottschool.byu.edu/marriottmag/summer03/alumni/index.cfm?loc=alumni#driggs

★ http://www.driggssearch.com