Then and now: Savings and loan doesn’t last
From Day 1 and until now the city has never had a traditional city hall. Photos/Bill Kingman
In 1965, the newly-formed city of South Lake Tahoe had its first city council meeting in the Tahoe Savings and Loan building, located on Highway 50 at Takela.
The savings and loan scandal in the 1990s forced the closure of the Tahoe branch.
Tahoe Savings and Loan ceased operations in 1990. Its time-and-temperature sign on the corner it now gone.
The building has not change much and looks dated.
Today, the El Dorado County offices are in the building.
— Bill Kingman
Bill, Tahoe Savings and Loan was where I opened my first savings account as a kid. When they went under I had to wait in the parking lot for a long time to get my meager savings out, as they only allowed a few people in at a time. We all sat in chairs out in the back parking lot waiting to be called in.
Down the street on Takela was the Bijou Post Office and across the street from the p.o. was Tarantino’s, a little Italian resturaunt. A lot of activity for a short street.Thank you Bill. OLS
I was working there when they closed. The powers that be gave us no warning. We closed at the end a regular day and were gathered into the bank lobby and told “that’s it! We are closed.” I stayed on for a couple of weeks to assist with the selling off of assets but ended up getting another job.
Another piece of Tahoe history gone. Thanks for all the “Then and Now” postings. I have lived here since 1975 and I really enjoy the photos.
ols, The manager /owner was Jimmy and Carol Stevens of Taratinos. They are now living in Fl where he works in a jail. They are also my son’s (Kaleb) Godparents. I rehooked up with them when I was in the Army and stationed back east. One of the guys in my class mentioned he worked with a Jimmy the Greek from out west at the police station. Turns out it was Jimmy Taratino. We also hung out at the Bittercreek Bar. I still keep in touch with Colin, we got married on his boat at Emerald Bay, the owner and he is actually coming up in April. He still looks like Willie Nelson. He bought the bar from a guy who went on to open Jethros after Country Comfort (if I remember right lol). Remember our conversations about a small town lol.
i had to wait in line for my money, too, both business and personal accounts. the role of the resolution trust corporation in this fiasco is the interesting detail not being discussed here…not a pretty scenario
Whose fingerprints are all over the savings and loan disaster? Lessons not learned.
http://en.wikipedia.org/wiki/Savings_and_loan_crisis
Better to ask: Whose local fingerprints are all over the Tahoe savings and loan disaster?
My aunt worked there and I remember the awesome view she had from her office. Ah good times.
that’s what i was getting at, kenny. we know
How fortuitous that the life work of Ray Petragallo should appear in the news on the very day he died! Ray passed Sunday morning March 8th. A celebration of life will be posted soon. Ray’s bank provided a construction loan for a condo project at Squaw Valley in the 90’s. After completion the final inspection revealed spalling (from freezing during setting) of the concrete in the foundation. The contractor went bankrupt and left the project to Tahoe S&L. The failed loan pushed the bank over the allowable liquid assets/loans amount required by law then the bank regulators were closely inspecting all the S&Ls because of a scandal/corruption problem back east. When they discovered Ray’s bank was over-extended they padlocked his doors and ordered him out. Subsequent penalties required that someone go to jail! Ray’s son Mike took did that for Ray. The family lost everything but Ray persevered and opened a Video Maniac’s video rental store at the Y. Months later Blockbuster opened a block away and took all his business. He went under again, but so did Blockbuster several years later. Ray kept a happy face and was able to ski at Heavenly right up until last March at the age of 83. “When the going gets tough, the tough go skiing!”
thanks for the clarification, dr. foster.
Dr. Foster, Thank you for bringing up Mr. Petrogallos name. I’m sorry to hear he passed away. I knew him a little from Tahoe Savings and Loan and also he was on my garbage route in the keys many years later.
My Dad really wanted to buy Ray’s Delorean sports car but no deal was made as they could’nt come together on a price.
RIP Ray. OLS
I went to High (now the Middle) school with Trudy Tarantino. . .