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Bedford Falls citizen, chairman of building and loan, is happy to answer questions about his wonderful life
By David Giffels
Beacon Journal columnist
Published on Tuesday, Dec 25, 2007
George Bailey has had quite a year. He turned 100 in 2007, yet still serves as chairman of the board at the Bailey Building and Loan, the oldest and most prominent institution in Bedford Falls. Earlier this year, the venerable mortgage company made a long-term commitment to remaining in its hometown, when the city, county and state governments collaborated to bring a private developer to build a new BB&L headquarters. The multimillion-dollar project will move the offices into the old tool and machinery works, vacant since Wainwright Soybean Industries went bankrupt. Dressed in a gray wool suit and lanky as ever, Bailey sat down in the parlor of his home at 320 Sycamore to reflect on his first century.
Q: The home mortgage industry has been in crisis this year, with abusive lenders taking advantage of borrowers with poor credit histories. What's your opinion of these subprime lenders?
A: If you ask me, they're a bunch of scurvy little spiders. My father taught me long ago that it's deep in the race for a man to want his own roof and walls and fireplace. The people we serve do most of the working and paying and living and dying in this community. Is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? My father didn't think so.
Q: How do you put that philosophy into practice?
A: Our business model is to empower our customers; essentially, they lend each other the money to build, and then we expect them to pay it back as best they can. What are you going to do? Foreclose on them? Also, whenever things get tight, my wife turns all our personal savings over to the business. It works out pretty well for us.
Q: In an era of consolidation and corporate takeovers, how have you managed to keep a family-owned business intact?
A: Well, my father knew how to save 3 cents on a length of pipe, and we managed to turn that into a side business, you know, selling pipe. That kept us going in hard times. Otherwise, it was good old-fashioned service. We always give our new home buyers a loaf of bread and some salt and a bottle of wine as a housewarming gift. It costs us almost nothing. We get the wine wholesale. I still have connections at Martini's place.
Q: You've lived 100 years. To what do you attribute your longevity?
A: Well, you know, we have a family history of strokes. My father died not long after I finished high school. So I tried to live right, quit smoking right after my brother Harry's wedding reception. I exercise. I swim every day in that pool underneath the
gymnasium floor at the high school. I know the fella that has the key. Plus, you know, my life insurance policy is only worth $15,000. I can't afford to die! If you think about it, I'm worth more alive than dead.
Q: Any words of advice?
A: The secret to a long life is having a short memory. My Uncle Billy taught me that.
Q: You ever wonder what the world would be like if you'd never been born?
A: Never. What kind of question is that?
Q: You've been married to the same woman, Mary (Bailey, nee Hatch) for 78 years. What's your secret?
A: Heh-heh — well, most people don't know this, but we got married on Black Tuesday — Oct. 29, 1929. So I guess we had nowhere to go but up.
Q: And you've been in this house just as long. Ever think about downsizing to a condo?
A: Oh, all the time. It's a drafty old house; the knob on the newel post is always coming loose; and those hydrangea bushes are a bear to maintain. Every once in a while, a kid comes by and throws a rock through one of the windows. But it's home. Plus we're still paying off the mortgage.
Q: After 78 years?
A: Heh — yeah. We sort of blew our nest egg right after the wedding and we never quite caught up. We put a mama dollar and a papa dollar in the safe and hoped they'd have a baby which, in retrospect, may not have been a sound fiscal policy.
Q: Well, pardon me for asking, but most people assume you're pretty well off.
A: You kidding? I don't have a college degree; I've got the bank examiner on my back 24/7; I had terrible instincts for investing. I wear the same suit every day. Every time I go up to the drugstore for my pills, I click that thingamajig on the counter and wish I had a million dollars.
Q: You do?
A: Oh, yes. I'd settle for half that in cash.
Q: What about your kids?
A: Well, Janie, y'know, she's a concert pianist. And Zuzu's still got the flower shop downtown. Pete, our oldest, he made his living selling cars — he was always interested in what the neighbors were driving. And Tommy, the youngest, he followed my footsteps at the building and loan. He's the one who got us through PotterCorp's hostile takeover attempt.
Q: Any regrets?
A: What's that? My trickear. . . .
Q: I said, any regrets?
A: Oh, right. Well — no. All in all, I'd say it's been a, uh, oh — how would I put this? . . . It's a pretty good life.
David Giffels is a Beacon Journal columnist. He can be reached at 330-996-3572 or at dgiffels@thebeaconjournal.com.
George Bailey has had quite a year. He turned 100 in 2007, yet still serves as chairman of the board at the Bailey Building and Loan, the oldest and most prominent institution in Bedford Falls. Earlier this year, the venerable mortgage company made a long-term commitment to remaining in its hometown, when the city, county and state governments collaborated to bring a private developer to build a new BB&L headquarters. The multimillion-dollar project will move the offices into the old tool and machinery works, vacant since Wainwright Soybean Industries went bankrupt. Dressed in a gray wool suit and lanky as ever, Bailey sat down in the parlor of his home at 320 Sycamore to reflect on his first century.
Q: The home mortgage industry has been in crisis this year, with abusive lenders taking advantage of borrowers with poor credit histories. What's your opinion of these subprime lenders?
Get the full article here.
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