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The Philadelphia Saving Fund Society (PSFS) was founded in 1816 as this country's first savings bank. In 1992 the FDIC seized the bank (read about it here http://www.meritorpsfs.com/). 176 consecutive years of service had come to an end. Three and a half billion dollars in assets, hundreds of millions of dollars in cash reserves and 750 employees were all gone. By 1993 the only thing left, the only sign that the Philadelphia Savings Fund Society had ever existed was the building in downtown Philadelphia and more specifically the four 27 foot high neon red letters at the top of the 491 foot tall building proclaiming PSFS.
The giant red neon letters have illuminated the Philadelphia skyline from the depression through today, with only brief outages when corporate or governmental insensitivity turned them off, to be quickly overruled by public outrage. While the Philadelphia Savings Fund Society has had a tumultuous history, the PSFS building, built by Howe & Lescaze Architects, has had a relatively easy time of it. From the beginning, and throughout its life, it has been recognized as an important architectural step for America. In 1932 it was heralded as "A courageous and thrilling accomplishment." by Architectural Forum Magazine. In 1969 the Philadelphia Chapter of the American Institute of Architecture (AIA) said it was the most important building in the city for the past hundred years and in 1976 it was listed on the National Register of Historic places. To this day it is still understood to be one of the twentieth century's more architecturally significant buildings. It broke from the conventional ornate masonry based skyscrapers and for the first time embraced the sleek clean lines of the modernist school. The building is outfitted throughout with marble, granite and wood. It is furnished with stark, functional furniture while Cartier clocks grace each floor's elevator lobby. The 33rd floor housed the Philadelphia Savings Fund Society's board room. It was richly appointed with Macassar ebony, marble and bronze, an exclusive enclave available only to a few select individuals. It has been said that even the elevator operators were not permitted to travel to the 33rd floor, they were required to exit the car on the 32nd, bidding to those continuing "you're on your way gentlemen". Go To Page: 1 2
The copyright of the article The Philadelphia Savings Fund Society Building in Historic Preservation is owned by . Permission to republish The Philadelphia Savings Fund Society Building in print or online must be granted by the author in writing.
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