10 Hoosier Banker April 2016 It was the decade that spawned the “greatest generation,” so named by journalist Tom Brokaw. Those who had struggled through the Great Depression of the 1930s willingly risked life and limb in the ’40s to defend the Allies during World War II. Those remaining on the homefront contributed to the cause by rationing goods, 1916 - 2016 YEARS HOOSIER IBA’s Forba McDaniel, founder of Hoosier Banker, was featured in a January article celebrating the 25th anniversary of the magazine.The article concluded:“We wonder if the Hoosier Banker will be arriving in Indiana banks each month during the next twenty-five years.The chances are bright, providing banks can remain privately owned and operated.” 1941 “Remember Pearl Harbor” was emblazoned on the cover of the January 1942 Hoosier Banker, shortly after the surprise attack on Dec. 7, 1941. 1942 1940 When the First Bank and Trust Company of South Bend moved to a new location, a Diebold Safe & Lock Company professional opened safe deposit boxes, in arrears more than four years, in the presence of inspectors, including a local court judge. 1943 Ensign Lucille Pryor, a practicing attorney, was on leave from Union Trust Company, Indianapolis, when she became the first WAVE admitted to practice before the Supreme Court of the United States. WAVES were “Women Accepted for Volunteer Emergency Service.” planting victory gardens and buying up war bonds. Banks were prime points of purchase of the war bonds, which helped to mitigate the massive expense of the war. Additionally, banks themselves were major purchasers of the bonds, which later would enhance their lending ability upon the end of the war in 1945. Indeed, there was much need for lending in the boom economy following World War II. The Servicemen’s Readjustment Act of 1944 ‒ a.k.a. the G.I. Bill of Rights – made college education and homeownership a reality for millions of Americans, whose schooling and house-buying helped fuel the economy. Further, the postwar Marshall Plan opened a vast European market for U.S. products and services, keeping the American economy running at full throttle. In the world of finance, the 1940s saw the creation of the World Bank and the International Monetary Fund. For Indiana bankers, a milestone was marked in 1947, when the Indiana Bankers Association celebrated its 50th anniversary. At the IBA Annual Convention in May of that year, incoming President Robert D. Mathias, Old National Bank, Evansville, coincidentally turned 50 years old the day of his installation; he was presented with 50 red roses at the annual dinner. t
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