Early Years
In 1928, using all African American design and labor, they built the two-story Golden State Mutual Life Insurance Building at 4261 Central Avenue where the firm occupied the top floor while the main floor was rented to merchants. The company remained profitable throughout the Great Depression in the 1930s. The company began paying out dividends beginning in 1930 and continues to do so uninterrupted to this day. The name was changed to Golden State Mutual Life Insurance Company in 1931, and by the end of the 1930s, assets had grown to $437,000 with $6 million in policies. In 1938 they set up operations in Illinois and in 1944 they opened a branch in Texas. By the end of World War II assets stood at $2 million, surplus funds at $750,000, and they had nearly $24 million in policies.
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Famous quotes related to early years:
“Parents ... are sometimes a bit of a disappointment to their children. They don’t fulfil the promise of their early years.”
—Anthony Powell (b. 1905)