First Federal Savings Bank of Frankfort, Kentucky, has had a long and distinguished record of service to the Frankfort and Franklin County area. The following is a short history of our Bank:
On September 28, 1934, a group of Frankfort businessmen formed the Greater Frankfort Building and Loan Association. They adopted a charter and by-laws and elected nine men to serve as directors. Their actions were later validated by the state banking commissioner and they received a state charter. Among these nine directors were some of Frankfort’s leading businessmen, including several business owners, a judge, and a former mayor. Lambert U. Suppinger, co-founder of Frankfort Lumber Company, was elected from this group to serve as President of the association. H. K. Rogers of the Sanitary Laundry Company was elected Vice President and Carl A. Kagin of Kagin Insurance was elected as Secretary-Treasurer.
At a very early board meeting on December 6, 1934, they reported cash holdings of $3,356.60 and approved their first home loan to I.A. and Elizabeth Kennady on property located on the east side of Arlington Avenue in Frankfort. At that time, the board set a cap on home loans not to exceed $2,000 and approved a salary of $25 per month for Mr. Kagin.