A bank born in the City of Firsts reflects on 90 years of community impact

Sponsored by Firstrust Bank

As Philadelphia marks 250 years of American independence, Firstrust Bank reflects on its Depression-era roots and enduring commitment to homeownership.

First Firstrust branch in South Philadelphia

As Philadelphia prepares to celebrate America250, the 250th anniversary of the signing of the Declaration of Independence, the city’s long tradition of leadership, innovation, and its identity as the City of Firsts is coming into sharper focus.

To honor Philadelphia’s role as a cradle of American innovation, the Philadelphia Historic District Partners have assembled 52 Weeks of Firsts, a year-long commemoration celebrating Philadelphia not only as the birthplace of our country but also the backdrop for many groundbreaking moments that shaped American life.

Appropriately, Firstrust Bank, Philadelphia’s Hometown Bank, is a sponsor of the 52 Weeks of Firsts celebration, as well as the sponsor of KYW Newsradio’s weekly stories about these firsts.

This milestone year offers timely moments for the bank to reflect on a defining chapter of its own history, one that is deeply rooted in the City of Firsts and continues to shape its mission today.

Founded in South Philadelphia during the depths of the Great Depression, Firstrust traces its origins to 1934, when Samuel A. Green launched First Federal Savings at his mother’s kitchen table in the apartment above what would become the bank’s first branch. His goal was straightforward but bold for the time: to help working families gain access to homeownership when credit was scarce and confidence was fragile. In conversations with neighbors, Green often heard the same refrain — someone should start a bank to serve this overlooked community. Rather than wait for someone else to step forward, Sam decided to be that somebody.

That effort made history.

First Federal Savings became the first financial institution in Pennsylvania established under the Federal Home Loan Bank (FHLB) system, a federal program created in 1932 to stabilize the housing market and expand access to mortgage credit following the economic collapse.

The Federal Home Loan Bank Act, passed by Congress and signed into law by President Herbert Hoover, aimed to make homeownership more attainable for Americans by freeing up capital for housing loans. The program proved transformative. By the end of the 1930s, federally chartered savings and loan associations supervised by the FHLB held more mortgages than any other type of financial institution in the country.

Firstrust Headquarters

In Pennsylvania, First Federal Savings was at the forefront of that movement. It played a critical role as a source of home loans during the Great Depression and emerged as one of the largest mortgage lenders in the Philadelphia region in the decades that followed. The bank was especially influential in fueling post-World War II housing growth, helping to finance new neighborhoods in Northeast Philadelphia and surrounding suburban communities during a period of rapid expansion.

Today, that legacy of impact lives on through Firstrust Bank, with its mission centered on cultivating prosperity for customers, employees, and the communities the bank serves.

As Philadelphia — and all of America — prepares to celebrate the nation’s 250th anniversary, Firstrust is using the moment to honor its family-owned roots while reaffirming its long-standing commitment to the region it has served for generations. What began at a South Philadelphia kitchen table has grown into a legacy shaped by expanding access to homeownership and supporting the businesses that power the region’s growth.

Learn more about Firstrust Bank and how it has been committed to serving the financial needs of the Greater Philadelphia region since 1934.

Written with contributions from Mark Hostutler, Senior Editorial Engineer, American Community Journals.