Editing PSFS Building (section)

== History ==

=== Name and Acronym ===

'''PSFS''' stands for '''Philadelphia Saving Fund Society''', the financial institution that built and occupied the building. Founded in 1816, the Philadelphia Saving Fund Society was the first savings bank in the United States, pioneering the concept of savings accounts for working-class Americans.

At the time the building was constructed, using abbreviations for company names was uncommon. Architects Howe and Lescaze argued that the full name "Philadelphia Saving Fund Society" would be illegible from street level, and convinced the building committee to accept the modern abbreviation. The PSFS sign became the first corporate acronym integrated into a building's architectural design.

=== Construction ===

The PSFS Building was completed in '''1932'''. Construction began in 1930 during the early years of the Great Depression and was completed at a cost of $8 million (approximately $180 million in today's dollars).

'''Key Dates:'''
* '''1929''' - George Howe and William Lescaze begin design work
* '''November 1930''' - Building committee approves final design
* '''1930-1932''' - Construction period
* '''1932''' - Building opens as PSFS headquarters
* '''1976''' - Designated a National Historic Landmark
* '''1992''' - Philadelphia Saving Fund Society fails; building closes
* '''1997''' - Loews Corporation purchases the building
* '''April 2000''' - Loews Philadelphia Hotel opens

=== Architects ===

The PSFS Building was designed by '''George Howe''' (1886-1955) and '''William Lescaze''' (1896-1969), two architects whose partnership produced one of America's most influential buildings.<ref name="phillyyimby">{{cite web |url=https://phillyyimby.com/2021/03/a-look-back-at-the-loews-hotel-the-united-states-first-modern-skyscraper.html |title=A Look Back at the PSFS Building, the First Modern Skyscraper in the United States |publisher=Philadelphia YIMBY |access-date=December 22, 2025}}</ref>

'''George Howe'''
A Philadelphia native, Howe was trained in the Beaux-Arts tradition at Harvard and the École des Beaux-Arts in Paris. During the 1920s, he worked for the firm Mellor, Meigs and Howe, designing traditional bank branches for PSFS. In 1929, Howe left the firm and partnered with Lescaze, embracing modernist principles that would define his later career.

'''William Lescaze'''
Born in Switzerland, Lescaze was trained in European modernism and brought firsthand knowledge of the Bauhaus movement to America. His experience with avant-garde European architecture complemented Howe's understanding of American building practices.

'''James M. Wilcox'''
The progressive president of PSFS, Wilcox championed a forward-thinking design for the new headquarters. His support was crucial in convincing the conservative banking institution to embrace such a radical departure from traditional architecture.