Washington Mutual Savings Bank v. Ballard Federal Savings & Loan Ass'n

Contrary to our usual custom, instead of beginning by saying what this action is about, we begin by saying what it is not. It is not, in any sense, a controversy as to the merits of mutual savings banks or of savings and loan associations; both types of financial institutions are entitled to “point with pride”; each serves an important but distinctive purpose.

We are concerned with a phase of an action, commenced in 1958, in which the Washington Mutual Savings Bank (long established and well known in Seattle) sought an injunction to restrain the Ballard Federal Savings and Loan Association of…