Thirteen individuals formed the Haddon Heights Building and Loan Association on February 4, 1905. It was a mutual association, formed to help individuals buy a home. The Association was formed with an initial investment of $69,000.
The first president of the Bank was Fredrick Fries. The first solicitor was Frank B. Jess. Mr. Fries was president or chairman from 1905 to 1954. The Association met monthly from 1905 to 1939. During that time its assets grew to $555,000.
On September 1, 1939, the Haddon Heights Building and Loan merged with the Victory Building and Loan of Haddon Heights. The combined banks had assets of $728,000. At the time of the merger, the Association established an office at 602 Station Avenue, Haddon Heights that was open during regular business hours from Monday through Friday.
The Association opened a branch in Cherry Hill in 1955. In 1956, the Association moved its main office to its current location at 201 White Horse Pike, Haddon Heights. The Association grew significantly in the 1960s and 1970s. Assets grew from $14 million in 1960 to $168 million in 1980.
The 1980s brought the savings and loan crisis. The Association’s growth slowed, but it was able to weather the crisis, during which many of its peers went bankrupt. In 1995, the Association became Haddon Savings Bank.
Recent years have brought significant competition from many types of financial institutions. There have also been many changes in technology and in the way people use banking services.
Despite these changes, Haddon Savings, at more than 100 years old, continues to be a financially strong community bank, dedicated to giving quality service to the local community.