George, Sr. was born on a small farm in Pollock, La. in 1879.
His first job, at the age of eight, was picking cotton. A desire for a better life prompted him to leave home to enroll in Mt. Lebanon College located in Mt. Lebanon, LA. He took bookkeeping classes and eventually became a bookkeeper for a local sawmill. He then became a teller for the Bank of Pollock in the early 1900s, eventually becoming the manager of the bank. An idea struck him one day while working at the bank, that he wanted to open an insurance company. He knew who had money in their accounts and thought those people would be good candidates to purchase insurance.
In 1920, George Sr. and some other associates launched the insurance company, LaSalle Fire and Casualty.
He sold his interest in the company a few years later, but the idea stuck with Foster that if he could raise enough capital to properly fund a life insurance company, he knew he could make it work. That led him and other business associates in N. Central Louisiana on a quest to secure the capital needed to eventually start Guaranty. They eventually raised $250,000 with which to launch Guaranty.
As the founder of Guaranty, George A. Foster, Sr.’s ambition, commitment, and keen entrepreneurial sense laid the foundation for what would become one of the most successful and influential businesses in the region.
His forward-thinking approach to business, coupled with his strong conservative leadership skills, allowed him to not only grow Guaranty into a thriving company but also make significant contributions to the community through philanthropy and civic involvement. Foster’s legacy continues to shape and inspire future generations of business leaders in Louisiana.
In 1960, AM Best Life Insurance Report stated the following about Guaranty, “The affairs of the company have been soundly conducted by highly capable and experienced insurance executives, and favorable progress has been recorded…the company maintains a highly favorable relationship of capital and surplus funds compared with liabilities and insurance in force.”
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