Record Group 11.2: The Liberty Corporation Records, 1959 - 2000
Scope and Content Note
The Liberty Corporation Records span the time period from 1954 to 2000, with the bulk of the records dating from 1969 to 1983. There are 231 folders of material in 18 document boxes, 6 oversize boxes, and 4 oversize folders. The records are arranged alphabetically by folder title and then chronologically within each folder. Included in this record group are such materials as blueprints, booklets, financial reports and statements, manuals, memorandum, minutes of meetings, and reports. These records show how the new corporation developed and expanded from its formation in 1967 through the early 1980s.
Financial reports and statements account for a majority of the materials in this record group. These records document how the corporation progressed financially from year to year. The Board of Directors Reports shows the quarterly status of the corporation and its subsidiaries. The 1968-1970 reports are filed under this name while the 1971-1986 reports are filed under "Quarterly Reports". The years 1983-1985 are missing. In addition, there are the corporation's annual reports from 1968-1989, 1994, and 1997-2000. Moreover, budget variance and cost summary reports, budgets and financial statements are filed in this record group.
The minutes of meetings and memorandum of the Management Committee document the development of the operations of the new Liberty Corporation from 1969 to 1979. Some of the topics covered include the acquisition of Cosmos Broadcasting Corporation and Surety Investment Company stock, the proposed alignment of the corporation's subsidiaries, the proposed acquisition of South Carolina National Bank (SCN), Securities Exchange Commission (SEC), Liberty Properties, CATV operations, Greater Arizona Savings and Loan, United Fidelity Life Insurance Company, and Lake Arrowhead Campground (Myrtle Beach, South Carolina). Other topics include the Greenville Housing Foundation, the Merit Scholarship Award Program, acquisition strategies and criteria, budgets, capital expenditure reports and requests, employee benefits, investment strategies, long range plans, and workmen's compensation. There is also a consent action form to purchase television station WDSU-TV in New Orleans, Louisiana, and an investment proposal for Cosmos' Montgomery Tall Tower in Alabama. Finally, the minutes of the Management Committee's task force meetings dealt with such subjects as corporate planning, coordinating the employee benefit package, and the spin-off of real estate operations from the corporation. Additional material on Securities Exchange Commission and South Carolina National Bank can be found in other sections of the record group. The material include the forms that Liberty had to file with Securities Exchange Commission to legally exist as a corporation, as well as a financial review and Directors' Questionnaires related to the proposed acquisition of South Carolina National Bank (SCN).
Material from other corporate committees can be found in this record group. The minutes of the meetings of the Administration Committee cover such topics as buying or renting property for business purposes, establishing corporate accounts and committees for certain tasks, creating manuals and training programs, improving management incentive plans and office procedures, office problems and concerns, and status reports on various activities. The minutes of the Data Processing Review Committee meetings reflect how the committee evaluated potential systems development projects and identified the priorities to be followed by the systems and programming group. A majority of the memos of the Employee Benefits Committee deal with the announcements of upcoming meetings and their agendas. However, a few of the memos cover topics such as a pension plan alternative, maternity leaves-wage continuation, and Liberty Life Group Plan Revisions. Also, there is a report reviewing The Liberty Corporation's profit-sharing plan. Memos of the Product Development Committee deal with such subjects as ordinary policy revisions and thrift rate book changes. There is a survey of the Liberty Life Product Portfolio, a proposal for a new Intermediate Series of insurance policies aimed for the $7,500-$15,000 income range, and a bulletin about Senator Gary Harts' proposed "Consumer Insurance Information and Fairness Act" (S. 2065). The Bent Tree Advisory Committee's records reflect its concerns about cash requirements, creating guidelines for the Property Owners Association, construction progress, the home building program, marketing, the development of reorganization plans, and advertising for the recreational second home development near Atlanta (Jasper), Georgia in which The Liberty Corporation became involved in 1972. The two folders of the Education Committee contain listings of names, educational statistics and objectives, correspondence, petitions, reports and a speech outline concerned with improving the quality of education in Greenville County, South Carolina.
Records pertaining to the new corporate headquarters building are filed in this record group. The "Building" and "Conference Memorandum" folders contain memos and budget reports on different aspects of the construction of the Liberty Corporation Office Building from 1979-1983. There is material concerning the progress schedule, project status meetings, sewer system, and zoning. Oversize blueprints and a drawing of The Liberty Corporation New Headquarters Office Building in Greenville, South Carolina, as well as blueprints of The Liberty Corporation Building in Addison, Texas, are also part of the record group.
Other information can be found within the record group. There are some financial statements concerning income taxes of Greater Arizona Savings and Loan Association. The minutes of the meetings of Liberty Investors Benefit Insurance Company's Management Committee deal with the sale of company to ITT, as well as mid-year finances, current status of sales, and the termination of Surety Pension Plan. There are also documents regarding the Liberty Scholarship Programs at Clemson University, Furman University, and University of South Carolina. In addition, there is correspondence and memorandum concerning the establishment of an archives program at The Liberty Corporation, as well as banking, financial, organization, and strategic planning manuals. Finally, the record group contains booklets about subjects such as business ethics, career, compensation, disability, heritage, life insurance, medicine, and profit-sharing.
In addition to the oversize blueprints and drawing, there are financial statements and securities listings concerning The Liberty Corporation, daily transfer sheets of the First National City Bank, and daily transactions of South Carolina National Bank (SCN).
Other material related to The Liberty Corporation can be found in the records of Francis M. Hipp (RG 1), the Legal Department of Liberty Life Insurance Company (RG 3.1), Liberty Life Post Corporation Records (RG 3.3), Boyd Calhoun Hipp (RG 5), Herman Hipp (RG 6), Cosmos Broadcasting Corporation (RG 7), and Communications Department (RG 8). In addition, there is related material in the other sub-record groups connected to The Liberty Corporation (RG 11).
Dates
- 1959 - 2000
Corporate History
On December 1, 1967 The Liberty Corporation was created as a holding company with Liberty Life Insurance Company, Cosmos Broadcasting Corporation, Surety Investment Company, and Liberty Properties, Inc. as its subsidiaries. The new corporation became one of the first four South Carolina companies to be listed on the New York Stock Exchange on February 26, 1969.
In 1969 W. Hayne Hipp, son of Francis Hipp, became an assistant vice president of Liberty Life. In 1971 the new TLC annex to the Liberty Life home office building in Greenville, South Carolina, was completed. Two years later the corporation purchased Greater Arizona Savings and Loan Association in Phoenix, Arizona. On March 1, 1977 there was a major change of the corporation's top executives: Herman M. Hipp became president and chief executive officer, Francis M. Hipp continued to serve as chairman of the board of directors and the executive committee, and W. Hayne Hipp became executive vice president of Liberty Life. That same year, the corporation acquired United Fidelity Life Insurance Company of Dallas, Texas. In 1979, W. Hayne Hipp became president and chief executive officer of The Liberty Corporation.
The Liberty Corporation experienced more changes in the 1980s and the 1990s. In 1982 Greater Arizona Savings and Loan Association and United Fidelity Life Insurance Company were sold. Liberty's new corporate headquarters building was completed in December of that same year. In 1986 Cosmos Broadcasting Corporation sold its four radio stations for $3.9 million because the company wanted to focus its growth strategies exclusively within the television industry. During this time period, The Liberty Corporation purchased several life insurance, pre-need, and home service companies. On July 24, 1995, Francis M. Hipp, chairman of the board of directors and the executive committee, died. Hayne Hipp, the third generation of the Hipp family, succeeded his father as chairman.
Nearing the end of the twentieth century, Liberty Corporation went through the most dramatic period since its formation in 1967. In February 1999 the corporation announced that it was considering a variety of restructuring alternatives that would actively support the business objectives of its operating subsidiaries and enhance value for shareholders. In May of that year, Liberty hired Goldman Sachs to look at possible separation of its businesses or other restructuring. On March 20, 2000, Liberty Life Insurance Company announced that it would expand its insurance administration services in Canada through an exclusive agreement with CAS Accounting for Insurance Inc. Sudden news came on June 19, 2000, when The Liberty Corporation announced it was selling its insurance operations, Liberty Life Insurance and Liberty Insurance Services Corporation, as well as its real estate, including the headquarters building in Greenville, South Carolina to the Royal Bank of Canada for $650 million. In addition, Liberty announced its plan to merge Cosmos Broadcasting with Jackson, Mississippi based Civic Communications, under which Liberty would pay Civic $204 million in cash. On November 1, 2000, the sales agreement between The Liberty Corporation and the Royal Bank of Canada was completed. And on December 4, 2000 Cosmos Broadcasting Corporation completed the acquisition of Civic Communication. As of that date, Cosmos owns fifteen network-affiliated television stations.
Extent
12.95 Cubic Feet (including 232 folders in 18 document boxes, 6 oversize boxes, and 4 oversize folders.)
Language of Materials
From the Collection: English
Introduction
The Liberty Corporation is a holding company, based in Greenville, South Carolina, whose subsidiaries operate in the life insurance, policy administration, and television broadcasting industries. The Company's primary insurance subsidiary, Liberty Life Insurance Company, writes a variety of individual life insurance policies, as well as accident and health insurance policies. In addition, the corporation is one of America's largest life insurance third-party administrators, providing 4.5 million policies through Liberty Insurance Services Corporation ("LIS"). The broadcasting subsidiary, Cosmos, consists of fifteen network-affiliated stations in the Southeast and Midwest and a cable advertising company. The Corporation Records document the company's activities from its formation at the end of 1967 to the late 1980s. Laurie Varenhorst and Kristina Cathcart processed these papers in 2000. This register was created in 2000 by Laurie Varenhorst. The material for this collection came from accessions 88-15, 94-34 and 94-54.
Creator
- From the Collection: Liberty Corporation (other_unmapped, Organization)
Repository Details
Part of the Clemson University Libraries Special Collections and Archives Repository