In 1889, the National Loan and Investment Company was formed in Detroit and was one of the city's first Building and Loan companies. After forty fairly prosperous years, the company was forced to liquidate its assets in the early 1930s because of a significant embezzlement loss and the adverse affects of the depression. In its place, Surety Savings and Loan was established in 1938 with the same officers as had previously been with National Loan and Investment. Surety Savings became Surety Federal Savings and Loan in 1959 after a new Federal charter had been acquired.
Fred P. Todd, Sr. served in various capacities with all three organizations, ranging from his first job as clerk with National Loan in 1899 to his last position as Chairman of the Board of Surety Federal, from which he resigned in 1960. His son, J. Beecher Todd, served with both Surety Savings and Surety Federal, and like his father, held a variety of positions, including branch manager and vice-president.
Surety Federal Savings and Loan Association no longer exists. In 1981, it was merged into First Federal Savings and Loan of Oakland County.
From the guide to the Todd Family Papers, 1862-1980, 1889-1980, (Bentley Historical Library, University of Michigan)
