History
Fremont Bank was founded in 1964 by Morris Hyman, a decorated World War II veteran who came to the Bay Area with his family in 1945. He attended Stanford, earning both his bachelor’s and law degrees in only four years. Under his leadership, Fremont Bank became one of the most successful independent banks in the Bay Area. Morris died in October 2005 but his legacy lives on with his three children who all co-manage Fremont Bank.
Fremont Bank has always been known as an innovative community bank. In 1968, Fremont Bank launched one of the first iterations of Saturday banking. Fremont Bank was also one of the first of its kind to hold extended banking hours, further breaking the stereotypical mold.
In the late 1980s, Fremont Bank developed the “No Closing Cost” Loan Program which reduced the borrowers costs of refinancing their mortgage with fees refunded at closing. These fees were a direct result of changes in mortgage lending practices that involved title insurance policies, appraisals, escrow services, and other changes that effected mortgage lending. The “No Closing Cost” loan was charged at a slightly higher rate and sold in the secondary market at a price high enough to cover the closing costs and bank overhead while generating a profit for the bank. The “No Closing Cost” Loan Program was a revolutionary idea in the lending market at the time and became the most successful real estate loan program the bank had ever instituted. That continues to be the case to this very day.
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Famous quotes containing the word history:
“A poet’s object is not to tell what actually happened but what could or would happen either probably or inevitably.... For this reason poetry is something more scientific and serious than history, because poetry tends to give general truths while history gives particular facts.”
—Aristotle (384–323 B.C.)
“Social history might be defined negatively as the history of a people with the politics left out.”
—G.M. (George Macaulay)
“There is one great fact, characteristic of this our nineteenth century, a fact which no party dares deny. On the one hand, there have started into life industrial and scientific forces which no epoch of former human history had ever suspected. On the other hand, there exist symptoms of decay, far surpassing the horrors recorded of the latter times of the Roman empire. In our days everything seems pregnant with its contrary.”
—Karl Marx (1818–1883)