Equitable Savings & Loan Association

In 1890, prominent Portland businessmen incorporated the Oregon Building & Loan Association, which was renamed the Equitable Savings & Loan Association in 1899. The association occupied space in a number of downtown Portland buildings before constructing its first home at the corner of Southwest Sixth Avenue and Stark Street in 1932. Another new building replaced that one on the site in 1948. In 1965, the Association built the Equitable Center at 1300 Southwest Sixth Avenue. Pietro Belluschi, noted architect, designed all three of the buildings.

Equitable began its expansion into branch banking in 1941 at Seattle, Wash. Its branches eventually numbered more than 50 in Idaho, Oregon, Utah, and Washington. Equitable was associated with GAC Corp. from about 1969-1972. When it merged with Benjamin Franklin Savings & Loan Association in 1982, Equitable was the oldest savings and loan in the Northwest.

Ralph Cake (1891-1973) was the association’s most prominent and longest-serving president (1938-1962). A Portland native and lawyer, he gained prominence as a national leader in the Republican Party and adviser to President Dwight D. Eisenhower. In the early 1930s, he was part of the group of savings and loan leaders who helped to establish the Federal Home Loan Bank and Loan Insurance Corporation. He also served on the board of the Panama Canal Co., 1953-1960 and 1969-1972.

A history compiled by Les Woods for an employee orientation slide show is located in Box 4, Folder 8.