Washington County Abstract & Title

Company Revives After S&L Crisis

Washington County Abstract & Title, established in 1885, is recognized as the oldest business in Springdale. But the time-tested company flirted with demise during the early days of the savings and loan crisis.

Its parent company, Washington Federal Savings & Loan Association, became insolvent and fell into the hands of the Resolution Trust Corp. The firm staggered along under RTC receivership until 1984, when Joy Drummonds struck a deal to buy it.

Drummonds struggled to rebuild and expand the languishing enterprise by adding new products and services while maintaining the same personal service that was Washington County Abstract’s calling card.

Under her ownership, the turnaround has become complete as the company has averaged 5 percent annual growth during her 16 years at the helm.

Washington County Abstract had one office in Springdale and seven employees when she acquired the business. Now the staff numbers 64 with two offices in Fayetteville and plans for locations in Bentonville and Rogers.

She credits her bank, First National Bank of Springdale, with not only providing the loan to buy the business but with providing business to repay the loan.

“I laugh because I always said they had to send us business so we could pay back the loan,” Drummonds recalls. “But it was really true.

I don’t know what we would’ve done without them.”

The risk has paid off, too.

The color of business has gone from red to black. The company had revenue of $120,000 — and a loss of $80,000 — during her first year of ownership. Revenue was more than $3 million in 1999.