12 Hoosier Banker May 2016 Nicknames for the 1950s ‒ “Eisenhower Era,” “Decade of Prosperity” and “Fifties Boom” ‒ evoke a time of peace and prosperity in the United States. The baby boom was in full swing, the G.I. Bill made college education attainable for veterans, and FHA and VA loans helped Americans realize the dream of homeownership, particularly in the suburbs. Despite the 1950s’ reputation for tranquility, however, sacrifices were made by the Americans who served in the Korean War, 1950-53. Called the “forgotten war,” the conflict claimed the lives of 36,000 Americans and ended in an uneasy stalemate. 1916 - 2016 YEARS HOOSIER BANKER HERITAGE: 1950-1959 The Indiana Bankers Association appreciates the sacrifices of all those who served. Domestically the ’50s marked unprecedented highs in U.S. automobile production; by the end of the decade, Americans owned more cars than all the people of the rest of the world. The ’50s also saw the development of a polio vaccine, construction of the U.S. interstate highway system, advancements in nuclear and rocket power, and emergent computer technology. Politically the nation experienced a watershed moment in 1954, when the Supreme Court ruled unanimously that racial segregation in public schools was unconstitutional. Some cultural landmarks of the decade include the opening of Disneyland, the founding of McDonald’s fast food and the coining of “rock ‘n’ roll” by a Cleveland disk jockey. The impact of youth-oriented music was profound, influencing fashion, leisure and the rise of pop icons, including the late James Dean of Fairmount, Indiana. During this time of prosperity, Americans grew comfortable with a “buy now, pay later” credit economy. The Diners Club® charge card was established in 1950, attracting 10,000 customers in its first year of use. BankAmericard ‒ later called Visa® ‒ also emerged in the ’50s. Yet the U.S. government largely avoided debt, instead experiencing balanced or surplus budgets several times during the decade. In the world of financial services, the Bank Holding Company Act of 1956: (1) specified that the establishment of a bank holding company must be approved by the Federal Reserve Board of Governors, and (2) prohibited bank holding companies from acquiring banks in other states, unless authorized by the other state’s laws. Another industry milestone was the adoption of magnetic ink character recognition in 1959, allowing data printed on checks to be read by computer. t 1950 Hats were in place for both attendees and IBA staff during registration for the 1950 IBA Annual Convention.The event, held mid-May in Indianapolis, drew a crowd of 935 registrants. 1951 A neon clock sign added to the décor of downtown Marion.The sign was installed by First National Bank, Marion, and measured nine feet in diameter. 1952 First Citizens Bank and Trust Company, Greencastle, engaged an artist to design checks depicting the campus of DePauw University.The artist was affiliated with a company that produced customized check designs worldwide.
RkJQdWJsaXNoZXIy MTg3NDExNQ==