Draft:United Postal Savings Association

United Postal Savings Association was a prominent savings and loan association in the St. Louis, Missouri metropolitan area. The Association ceased operations upon its merger with Mercantile Bancorporation N.A. (Mercantile) on February 1, 1994. .

Founding and early years
United Postal Savings Association was founded in 1907 as a Missouri chartered mutual savings and loan association. Initially operating as an uninsured savings and loan association, it was an adjunct to a real estate office. In 1956, with assets of $1.3 million, the Association applied for and was granted insurance of accounts by the Federal Savings and Loan Insurance Corporation. This marked the first time the Association moved into separate quarters.

Growth and technology
In the mid-1960s, United Postal collaborated with General Bankshares Service Corporation (GBS) and other financial institutions to develop one of the first computer-based on-line transaction systems in the United States. This system allowed customers to transact business at any participating location with their account records updated immediately across all offices.

Expansion and mergers
United Postal opened its second location in Kirkwood in June 1966. Over the years, the Association expanded through various mergers:
 * 1971: Merged with Postal Plaza Savings & Loan Association, adopting the name United Postal Savings Association.
 * 1980: Merged with Tower Grove Savings & Loan Association.
 * 1981: Acquired Lafayette Federal Savings and Loan Association, adding eleven offices.
 * 1986: Merged with Metropolitan Savings & Loan Association of Kansas City, Missouri, acquiring five offices, which were later sold or closed.

By the time of its merger with Mercantile Bancorporation, United Postal operated twenty-two offices and employed over 600 staff.

Innovation and product development
United Postal was a pioneer in offering checking accounts with interest, known as Now accounts, beginning in 1981. The Association also launched money market accounts and various other financial products, including:
 * Totally Free Checking accounts
 * Ready Reserve Cash Accounts
 * Annuities issued by insurance companies
 * Home equity, credit card, and automobile loans.

Strategic planning
In the early 1980s, faced with economic challenges and regulatory changes, United Postal undertook strategic planning to enhance competitiveness. This included extensive sales training, introduction of new products and services, and the establishment of a telephone center for customer service.

Financial Performance
In 1989, the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) changed capital requirements, impacting United Postal's goodwill and financial stability. This led to the conversion from a mutual savings and loan association to a stockholder-owned company in 1992, trading under the symbol "UPBI." The stock value appreciated significantly, benefitting shareholders.

Merger with Mercantile
United Postal Savings Association merged with Mercantile Bancorporation N.A. on February 1, 1994. Mercantile subsequently merged into Firstar Bancorp in 1999, which later became part of U.S. Bank, now the fifth largest bank in the United States by deposits as of December 31, 2013

United Postal Savings Association directors

 * Thomas E. Arey
 * Ivan G. Abrahams
 * Michael J. Gorman
 * Robert F. Gorman
 * Clinton L. Skinner
 * Bernard Susman
 * John P. Webb

United Postal Bancorp Inc. directors

 * Thomas E. Arey
 * Milton C. Goldenberg
 * Michael J. Gorman
 * Robert F. Gorman
 * William J. Marshall

Executive officers

 * Robert F. Gorman - Chairman of the Board
 * Michael J. Gorman - President & Chief Executive Officer
 * Steven M. Rull - Chief Financial Officer
 * John F. Brouder - Secretary
 * Joseph D. Garea - Chief Lending Officer
 * E. Dennis Graham
 * Earl E. Rinne
 * Constance J. Schuessler

Key sinancial data (as of June 30, 1993)

 * Assets: $1,267.2 million
 * Deposits: $1,026.8 million
 * Common Equity & Total Equity: $96.8 million
 * Equity to Assets: 7.64%
 * Book Value per Share: $16.17
 * Dividends per Share (annual): $0.50
 * Shares Outstanding: 5,986
 * Net Income (6 Months): $9.1 million
 * Return on Assets: 1.43%

Names

 * Bohemian American Building and Loan Association
 * Bohemian American Building and Loan Association “Slovan”
 * Bohemian American Savings and Loan Association “Slovan”
 * Slovan Savings and Loan Association
 * United Savings and Loan Association
 * United Postal Savings and Loan Association
 * United Postal Bancorp Inc..

Legacy
United Postal Savings Association played a significant role in the financial landscape of the St. Louis metropolitan area, known for its innovative use of technology and diverse financial products. Its history reflects the evolution and challenges of the savings and loan industry in the United States.