Step Back Text ColorSwatch/NoneStrokeStyle/$ID/SolidText ColorSwatch/NoneStrokeStyle/$ID/Solid$ID/NothingText ColorText Color$ID/NothingText ColorText Colorin Time features news items from The Daily Star 25 and 50 years ago.
25 years ago
Sept. 27, 1988
Astoria Federal Savings has weathered the ill financial winds that have brought ruin to some Southwest thrifts because it sticks to what it knows best — mortgages, according to local officials.
The savings and loan, which includes the former Oneonta Federal Savings and Loan, is among the nation’s top 20 thrift institutions because it is a conservative lender that has focused on providing home loans, said Robert G. Bolton, vice-president of the local operation. The thrift has a net worth of $220 million.
Astoria Federal employees and guests on Monday night celebrated the founding 100 years ago of Oneonta Federal Savings and Loan, Chenango Federal Savings of Norwich and Astoria Federal Savings of New York City at the Old Mill Restaurant in Rockwells Mills.
The “friendly” mergers of the local thrifts within the last three years with the New York City based S&L have provided more funds and better services to local communities, officials said.
So far this year, Astoria Federal has approved about 275 mortgages, worth $15 million, mostly in Otsego County. Officials expect to approve about 350 mortgages totaling $19 million by the end of 1988. Last year, Astoria approved 350 mortgages valued at $15 million, said John D. Biggs, assistant vice-president in the local Astoria office.
However, Wilber National Bank remains No. 1 in the local mortgage market, said an officer of the Oneonta based bank. Wilber approved 666 loans totaling $26.3 million in Otsego County last year, said Douglas Chesser, Wilber vice-president.
50 years ago
Sept. 27, 1963
May’s a women’s clothing store on Oneonta’s Main Street, has been in business for seven years.
On Wednesday, business went on usual. The racks were lined with clothes. The mannekins were dressed. The two-member sales staff was on duty until 5 p.m.
Thursday the store was empty. The clothes gone. The fixtures removed. The sign taken down.
Mrs. Doris Thorn, manager of the shop for the past seven years, says she’s as surprised as anyone. She expected to work Thursday until 9 p.m. — like most shopping nights in Oneonta.
“When we went to work, the movers were there taking the stock. We had no idea the store was going to close,” she said.
The business is owned by George Corn of New York City and he told Mrs. Thorn and Mrs. Bertha Teachout, Westville, an employee for two and a half years that “there is no more work.”
Signs in the window of the shop now read, “Lost our lease, mail credit payment direct to Atlantic Ready Charge, 7 Church St., Paterson, N.J.”
A spokesman for the AEF realty company in Oneonta, owner of the building, said simply that May’s shop was on a month-to-month rental basis for the past two months. He said the rent was paid until next month but the lease was not renewed.
Many of the Main Street merchants were surprised by the sudden closing.
Just as much in the dark is the Oneonta Chamber of Commerce.
Richard Keslo said, “We’re wondering why they left.”