Ideal Savings and Loan
Maryland’s Oldest African American Financial Institution

Teackle Wallis Lansey

Founded in 1920 by Teackle Wallis Lansey to help African American families buy homes, the Ideal Federal Savings Bank is the oldest continually-operating African American financial institution in Maryland. Lansey and several black community leaders, including a janitor, high school principal, and a chauffeur, committed $100,000 and opened the bank across the street from Lansey’s Laundry Company, which had a contract to wash linens for the Baltimore & Ohio Railroad.

"I think there is still a need for minority and multicultural financial institutions, because these institutions are sensitive to their customer base more so than others," said [Dina Curtis] of America's Community Bankers. Baltimore Sun, June 29, 2003

During the Great Depression, however, people demanded withdrawals. Many banks were unable to return deposits, but Ideal paid off every depositor. In 1933 the bank became dormant. The institution reopened in 1962 when it changed its name to Ideal Savings and Loan Association, and William H. Murphy Sr. was named its first president. In 1970 when Murphy was appointed a Circuit Court judge, E. Gaines Lansey Sr., son of founder Teackle Wallis Lansey, became president.

After surviving the 1985 Maryland Savings and Loan crisis, Ideal applied to the Federal Savings and Loan Insurance Corporation (now the FDIC), and with federal insurance backing, became the Ideal Federal Savings Bank. In 1988 Yvonne F. Lansey, granddaughter of the founder, T. Wallis Lansey, was named president of the Bank. The facility was completely renovated in 1994 and continues to serve the community for which it was founded.

1629 Druid Hill Avenue, Baltimore, MD 21217