Georg Kropp
Georg Kropp | |
|---|---|
| Born | Template:Birth date Swinemünde, Pomerania |
| Died | January 21, 1943 (aged 77) Wüstenrot, Germany |
| Occupation(s) | Journalist, intellectual, editor-in-chief, CEO |
| Known for | Founder of the Gemeinschaft der Freunde (GdF), Germany's first mutual building society (Wüstenrot Bausparkasse) |
Georg Kropp (born 1 December 1865, died 21 January 1943) was a multifaceted German journalist and intellectual. In 1921, alongside Mathilde Planck, he established the Gemeinschaft der Freunde (GdF) (Society of Friends), which became Germany's inaugural officially recognized mutual building society, known as the Wüstenrot Bausparkasse.
Origins and Early Life
Georg Kropp entered the world in Swinemünde, situated in Pomerania. His father, Karl Kropp, originally a ship captain, transitioned to running a pharmacy after a maritime accident caused by a storm in 1880. This shift from seafaring to retail business had a notable impact on Georg’s career trajectory.
Pharmaceutical Career
In accordance with his father's wishes, Georg pursued training in pharmacy. He began working at his father’s drugstore in Swinemünde and completed an apprenticeship with Theodor Pée’s pharmaceutical wholesaler in nearby Stettin. During 1887 and 1888, he attended two semesters at the German Drugist Academy in Braunschweig, achieving excellent results. Subsequently, he held various roles including commercial representative for a pharmaceutical firm, advertising manager at a publishing house, and ultimately editor-in-chief of a specialized journal based in Heilbronn.
Marriage and Family Life
Around 1893 or 1895, Georg married his cousin Marie Wulff. The couple had three children: one son and two daughters. That same year marked the passing of Karl Kropp. Georg decided to close the family pharmacy business, and over the following years the family moved several times, residing in Mannheim, Heidelberg, and Heilbronn, likely reflecting his professional commitments.
Wartime Period
While living in Heidelberg, Kropp attended lectures in Chemistry and Physics as a guest student. A nature lover and member of the International Organisation of Good Templars, during World War I he initially served as a war correspondent. Later on, he transitioned to roles as a pharmaceutical sales agent and copywriter specializing in medical products. Additionally, he was active as a Methodist lay preacher.
Foundation of the Society of Friends
From 1919 onwards, Kropp made his home in Wüstenrot near Heilbronn. In 1920, he authored "Aus Armut zum Wohlstand" ("From Poverty to Prosperity"), presenting his idea for a savings institution aimed at facilitating home ownership. On 22 July 1921, the Wüstenrot Gemeinschaft der Freunde (GdF) was officially founded and registered on 17 August 1921 in Heilbronn. Among its founders were Mathilde Planck—the first woman elected to Württemberg’s regional parliament—and Robert Ankele, Württemberg’s postmaster. Initial investors provided over 100,000 Marks; however, rampant hyperinflation caused severe financial setbacks that Kropp personally absorbed. Consequently, GdF ceased operations in May 1922 and fully reimbursed its savers.
Despite these difficulties, Kropp remained steadfast in pursuing his vision. Having left his publishing position in 1918 to concentrate on developing the building society concept, he secured renewed support on 16 February 1924 from Planck, Ankele, and others for a revival effort underpinned by the launch of "Mein Eigen-Heim" ("My Own Home"). The inaugural issue appeared in April 1924 and detailed the savings plan: participants would make fixed monthly deposits earning 3% interest, organized by subscription year; loans would be distributed annually through a lottery system with interest rates starting at 7%, gradually declining to 5%.
Taking lessons from prior challenges, GdF was restructured as a limited liability company (exact date unclear). Under Kropp’s guidance and with enhanced transparency, the relaunch prospered amid stabilizing economic conditions. The first contract was signed on 7 April 1924 for a property valued at 12,000 Marks with monthly savings set at 30 Marks (equivalent to an annual rate of 3%). By year-end, GdF had secured 916 contracts amounting to a total of 14.3 million Marks. The membership primarily consisted of middle-class professionals: civil servants (37%), commercial workers (20%), laborers (16%), and self-employed individuals such as physicians and entrepreneurs (12%). By late 1925 nearly 10,000 contracts had been finalized; staff numbers increased from 45 employees in 1925 to approximately 230 by 1928.
Approaching sixty years old during this resurgence phase, Kropp held dual roles as editor-in-chief of "Mein Eigen Heim" and CEO of GdF. He stepped down as CEO in 1925 to assume chairmanship of the supervisory board but relinquished all positions by 1930 after opposing plans to relocate the company headquarters from Wüstenrot to Ludwigsburg.
Resignation and final years
Georg Kropp established a "Neue Bausparkasse" in his native town of Wüstenrot; however, this venture did not succeed and was dissolved in 1934. Nevertheless, on 1 December 1930, the local authorities recognized his achievements by granting him honorary citizenship on the occasion of his sixty-fifth birthday.
Kropp passed away in Wüstenrot in 1943 and was laid to rest with distinction at the town cemetery. A stone plaque bearing his guiding principle is placed there, stating: "Wille, Sparen, Gottvertrauen werden Vaterhäuser bauen" (which can be interpreted as "Determination, saving, and faith in God will create homes for families").