History Franklin Federal Savings and Loan Association has proudly served the Richmond area since its beginning in 1933. A traditional savings and loan association, Franklin Federal has continued to operate throughout its long history as a hometown financial institution specializing in savings accounts and certificates of deposit in the traditional passbook format, residential first mortgage loans, and construction loans for homeowners.

In 1933 Franklin Federal was founded as Federal Savings and Loan Association of Sandston, Virginia. In 1941 it moved to Franklin Street in Richmond and changed its name to Franklin Federal Savings and Loan Association of Richmond, Virginia. In 1956 it moved its headquarters and downtown branch from Franklin Street to Seventh and Broad Streets. In 1994 the association moved its headquarters again to the Innsbrook Corporate Center in western Henrico County. Today Franklin Federal has eight locations in Richmond, Henrico County, Hanover County and Chesterfield County. At the time of Franklin Federal's inception, thousands of financial institutions across the nation had failed, unemployment was rampant, and the stock market was in one of the worst slumps in its history. Sandston bookkeeper James B. Bourne recognized a need to help area homeowners satisfy notes held on their properties. Bourne organized a small group of Sandston residents to form a savings and loan association that could raise funds through federal agencies and private investment. The group acquired Federal Charter No. 30 and was established as the Federal Savings and Loan Association of Sandston, Virginia in November 1933. Under the leadership of James B. Bourne Jr., Franklin Federal has flourished by building on its strong and stable foundation. Born just before the great stock market crash of 1929, James Jr. succeeded his father at the helm of the organization in 1959. At age twenty-nine he became the youngest savings and loan president in Virginia. Despite his youth and relative inexperience (he had been with the firm only five years), he proved a highly capable leader. In six years assets doubled from $38.1 million to $75.6 million and four additional branches were opened. In 1963 Franklin Federal was the first savings and loan in the area to pay interest on savings accounts from the day of deposit to the day of withdrawal. Under his direction the company moved into the electronic age with installation of a punched card data system in 1961; a random access computer in 1965; and an IBM System/370 in 1975 - all to provide more efficient customer service. During the 1980s the savings and loan industry experienced one of the worst periods in its history and many savings and loans failed. Franklin Federal remained true to its original mission and philosophy during this period and survived the thrift crisis as one of the strongest savings and loans in the nation. Today more than eighty people are employed by Franklin Federal and assets have reached almost $1 Billion. The association continues to actively consider new loan and deposit products and additional services while remaining grounded in the principles that have made it successful for over 70 years. Mission Statement It is the mission of Franklin Federal Savings and Loan Association of Richmond to provide our members and customers with unique and competitive residential and commercial mortgage loan products and programs of passbook and certificate savings with rates at the high end of those offered in our marketplace. This mission shall be achieved by operating as a mutual savings and loan committed to serving the Association's members, customers and employees and the community at large. Franklin Federal shall offer competent, personal services and competitive products to its members and customers and provide a quality work environment for its employees. The Association's operations shall be in compliance with all applicable laws and regulations, and its business shall be conducted with the highest ethical standards in a socially responsible manner. Safety, soundness and long-term profitability shall be the Association's guiding principles in making operating decisions.