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Morris Plan Bank
Morris Plan Banks were part of a historic banking system in the United States created to assist the middle class in obtaining loans that were hard to come by through at traditional banks. The first Morris Plan Bank was established in 1910 by Arthur J. Morris (1881–1973), a lawyer, in Norfolk, Virginia who noticed the difficulty his working clients had in getting loans. The plans established installment credit for customers. The second Morris Plan Bank opened in Atlanta in 1911. Lending required the borrower to provide references and proof of earnings to establish the borrower's credit worthiness. The banks gave depositors interest to secure funds for the loans. The banks were eventually organized as a New York-based banking organization (holding company) and made small loans to moderate income families through banks in more than 100 U.S. cities. In 1917 credit life insurance plans were offered. Morris Banks made 1,760,000 loans in its first 12 years, amounting to about $320 million. The bank were affected by the Great Depression and changes to the banking industry in its aftermath.
== Origins of the concept ==
In 1910, attorney Arthur J. Morris (1881–1973) opened the Fidelity Savings and Trust Company in Norfolk, Virginia, which made small loans to working people under a concept he called "Morris Plan." Under this lending approach, would-be borrowers had to submit references from two people of like character and earnings power to guarantee the borrower's creditworthiness, and agreed to repay the loan through the purchase of Installment Thrift Certificates in weekly installments equal to the face value of the loan, less origination and investigative fees. Morris Plan Banks expanded to more than 100 locations in the United States.
Morris Plans pioneered the use of automotive financing (through arrangements between the Morris Plan Company of America, essentially a holding company for Morris Plan banks, and the Studebaker Corporation) and, through the subsidiary Morris Plan Insurance Society, credit life insurance (as allowed for the loan to be repaid in case the borrower died during the term of the loan, with any residue going to the estate).
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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