1950 3¢ American Bankers Association
Issue Date: January 3, 1950
City: Saratoga Springs, New York
Printed By: Bureau of Engraving and Printing
Printing Method: Rotary Press
Perforations: 11 x 10 ½
Color: Yellow green
U.S. #987 honors the American Bankers Association. Issued on the 75th anniversary of its founding, the stamp pictures a coin that surrounds scenes showing where banks give service, such as farms, railroads, and manufacturing.
American Bankers Form National Organization
James Howenstein, a cashier at Valley National Bank, invited bankers to meet at the Barnum Hotel in New York City to plan a national association. In two months, 349 bankers from 31 states met in Saratoga Springs for the first meeting. Today, this organization is based in Washington, D.C. The ABA represents banks of all sizes in issues of national importance, and seeks to protect bank customers. Within a year, the Association had established its credibility, as it testified before Congress.