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July 23, 2008
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Golden State Mutual Life Celebrates 83rd
Anniversary A man’s dream
83 years ago has through decades helped and protected
thousands of American families. To this day, Golden State
Mutual Life Insurance stands for opportunity and growth.
In 1921 William Nickerson Jr. traveled to California
in search of opportunity. He there met Norman O. Houston, a young insurance
salesman from Northern California, and George A. Beavers
Jr., a Georgia-born Los Angeles businessman and church
leader. Together in 1924, these three men set in
motion the organizing machinery that a year later would
produce the Golden State Guarantee Fund Insurance
Company.
By the end of 1925 Golden State Guarantee Fund
Insurance Company had paid its first death claim thereby
establishing its precedent of prompt service. In the
years following, Golden State had extended its services
to Northern California, Pasadena, Bakersfield, San
Diego, Fresno, El Centro, and Sacramento.
America entered the 1930‘s in a state of economic
depression that brought on the collapse of many
businesses. Golden State however greeted the new decade
by declaring its first dividend payment to life policy
owners. In 1931 Golden State Guarantee Fund Insurance
Company changed names and became Golden State Mutual
Life Insurance.
By 1941 Golden State Mutual had accumulated enough
capital to make the required deposit that would make it
eligible to be reclassified as a mutual legal reserve
insurer. The out of state expansion carried on with the
opening of the Dallas branch in 1944 and to the Houston
branch the following year. At the end of the decade came
the dedication of the new Home Office building located
at the corner of Western Avenue and Adams Boulevard.
That building which stands to this day serves as a
symbol of black enterprise and loyal service to many
thousands.
The 1950’s for Golden State Mutual meant more
expansion and a new kind of identification for its
representatives. Oregon, Washington and Arizona joined
California, Texas and Illinois as Golden State’s service
states. GSM broadened its service to include mortgage
cancellation insurance in 1952 and group insurance five
years later. Another celebrated milestone in the
company’s development was recorded in 1956, when
insurance in force reached $100 million.
For GSM, the 1960´s was another era of growth, change
and involvement. Expansion carried its services to
Michigan and Indiana and insurance in force reached new
record levels.
In the five years preceding Golden State Mutual’s
50th anniversary, the company recorded several
significant achievements that helped make its
celebration notable. Against the backdrop of the worst
recession since the great depression of the 30’s Golden
State Mutual was honoring its first million dollar
producers. Through the sale of certificates of
contribution, the company boosted its surplus to more
than $3,000,000 for the fist time in history.
Four years into a decade which would take Golden
State Mutual through its 60th year of service, the
company continued to post impressive growth records and
solidify its position among financial institutions in America.
Organizationally, the company implemented a modified
leadership plan in 1980, electing Larkin Teasley, FSA,
as President and Chief Operating Officer of GSM, with
Ivan J. Houston assuming the title of Chairman and Chief
Executive Officer. The following year, the man who had
held the executive reins of the company longer than any
other passed away at the age of 88. Norman O. Houston,
the co-founder, had been active as a director until
1980.
The 1990’s was a decade of technological advancements
within Golden State Mutual with the installation of a
larger mainframe computer, increased computer usage
across the departments and incorporation of new
software. Golden State Mutual had in 1996 its own
homepage (www.gsmlife.com) up and running. This decade
saw the retirement of Ivan J. Houston as CEO December
31, 1990 with Larkin Teasley being elected new CEO
January 1, 1991.
The new millennium brought forth a 75th year celebration
for Golden State Mutual. A time capsule, dating back
over 50 years, was opened and a new one was sealed. Ivan
J. Houston re tired March 5, 2001 as Chairman of the
Board and Larkin Teasley was elected the new Chairman on
the same date. Having played an important role in the
building of the Company and with 73 years of prior
employment, former President and Chief Administrative
Officer, Edgar J. Johnson, passed away in March of 2001.
Lamar Shipp, another huge contributor to the success of
the company and the man responsible for establishing the
General Agency Operation, passed away in May 2006.
Looking ahead, the GSM employees and the management
teams are acutely aware that growth does not happen
automatically, that the keys to such accomplishments
continue to be skilled people, good service and policies
that satisfy the needs of the people the company serves.
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