It might be said that Olney Savings was born on a golf course.  At least the idea for such an institution was conceived on the links of the Olney Country Club 56 years ago, July 4, 1927.  L. C. Boyd, who before 1927, managed a savings and loan association in Decatur, came with his wife to Olney on July 4, 1927, to play in the Independence Day Tournament at the Olney Country Club.  Several directors of the Olney Chamber of Commerce mentioned to him the need for a building and loan association in Olney.  The idea bore fruit, and Boyd was persuaded to move to Olney to organize the business and to serve as its manager.  The Articles of Incorporation were signed on July 23, 1927, and the charter was granted a week later.  Olney Building and Loan Association operated under a State charter until 1935, when it became a member of the Federal Home Loan Bank system and the Federal Savings and Loan Insurance Corporation.  At that time, it secured a Federal charter and the name was changed to Olney Federal Savings and Loan Association.

     Having started with assets of $26,633.00, the Association had grown to over $8.25 million at the time of Boyd's retirement in early 1963.  Boyd, who also served two terms as a director of the Texas Saving and Loan League, was succeeded by D. D. McClatchy, who joined the Association in 1950.

     The Association's first branch office was opened in Seymour in 1965. In 1968, a state charter was granted which allowed the Association to operate more effectively under rules and regulations written and adopted in 1964, rather than the 30's.  And, the name of the Association was changed to Olney Savings. Branch offices were added at Jacksboro in 1970, Bridgeport in 1973, and Nocona in 1975.  Also in 1975, the Association had its first merger which was with First Federal Savings and Loan of Ranger.  Then in 1976, an ultra modern solar heated branch office was constructed in Eastland. Construction of the $1.25 million, 22,000 square foot home office building was completed in 1976.  And in 1978, another merger added Electra Federal Savings and Loan Association to Olney Savings' acquisitions.  In 1981, new branches were opened in Graham, Archer City, and Wichita Falls.  Also that year, Provident Savings and Loan Association of Brownwood and First Federal Savings and Loan of Vernon were merged with Olney Savings; and, the Bowie branch was purchased from First Texas Savings Association of Dallas.

     That same year, 1981, Don McClatchy, President and Chief Executive officer since 1963, died on August 4 at age 56.  McClatchy had, in his 31 years of service, spearheaded the Association's growth to $268,000,000.  Succeeding McClatchy as President and Chief Executive Officer was Alan D. Myers, Jr., Executive Vice President and Chief Operating Officer at the time of McClatchy's death.  On December 26, 1981, a devastating fire gutted the home office building.  Renovations to the building were finally completed in March, 1983.  Not one day of business was lost after the fire through the entire rebuilding process.

     In July, 1982, Decatur Savings, with branch offices in Boyd and Bridgeport, was merged into Olney Savings.  About the same time, a branch office in Throckmorton was purchased from First Security Savings of Abilene.  Then, n November of 1982, branch offices in Albany, Anson, Cisco and Coleman were purchased from United Savings of Houston.  The Holliday branch of United Savings was purchased and operations began there on April 1, 1983.  Other locations approved for branch offices are Gaines-ville, Crowell, and Saginaw.  Plans for construction of offices in these towns are on the drawing board now.

     In spite of the disasters which plagued the Association in 1981, its growth record has continued at an astonishing rate from $268,000,000 in late 1981 to over $525,000,000 as of April 1, 1983.