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Organized on June 27, 1911, Home Savings Bank
has experienced growth and stability while in financial partnership
with the people of Stanly County for nearly a century. From the
days when our office was housed in small quarters and only open
on Saturdays, to today's operations housed at our Albemarle and
Locust locations, excellent customer service to our local community
has been the focal point in directing Stanly County's oldest financial
institution. Below is a condensed outline highlighting some of the
history and development of Home Savings Bank.
First Organizational Meeting
At 8:00 p.m on June 27, 1911, a small group of progressive business
and civic leaders met at the Stanly County Courthouse with the goal
of forming a financial institution for the mutual benefit of savers
and borrowers. Foremost among the group's objectives was the development
and implementation of a secure and profitable savings plan which
would create a pool of funds to be loaned to local people for the
purpose of building and buying the homes in Stanly County. Those
at the meeting decided to call the organization the "Home Builders
Association".
Leaders in the Beginning
Nine men were chosen as the first Board of Directors for the new
financial institution. Those men were Mr. J.M. Morrow, Mr. P.O.
Skidmore, Mr. A.P. Harris, Mr. W.L. Mann, Mr. T.C. Rivers, Mr. E.E.
Snuggs, Dr. J.C. Hall, Mr. S.H. Hearne and Mr. J.E. Ewing. The group
also elected the organization's first officers: Mr. J.M. Morrow,
President; Mr. S.H. Hearne, Vice President and Mr. W.L. Mann, Secretary/Treasurer.
Mr. R.L. Brown, Sr. was chosen to be the Association's attorney.
Mr. Morrow served as President from 1911 until his death in 1941.
First Loan
The Association's first loan was made to S.K. Lowder on July 10,
1911. Most of the loans made early in the history of the business
were for amounts of less than $1,500.00.
First Annual Financial Statement
June 30, 1912: Assets - $8,061.46
First Officer Changes
In 1919, W.L. Mann became the Association's Attorney and A.P. Harris
became the Secretary/Treasurer, remaining in that position and being
chiefly responsible for day to day operations until his death in
1955. Mr. Mann remained very active as Attorney and a board member
until his death in 1953.
Presidents Since 1911
Mr. J.M. Morrow (1911-1941)
Mr. D.A. Holbrook (1942-1960)
Mr. Henry L. Harris (1960-1973)
Mr. Carl M. Hill (1974-2002)
Mr. R. Ronald Swanner (2002-Present)
Location of Offices
| 1911 - 1919 |
Office of Mr. W.L. Mann, Albemarle
Real Estate and Insurance Company and Stanly Bank and Trust
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| 1919 - 1935 |
Stanly Bank and Trust Company |
| 1935 - 1954 |
113 South Second Street, Albemarle |
| 1954 - 1966 |
108 East North Street, Albemarle |
| 1966 - Present |
155 West South Street, Albemarle |
| 1974 - Present |
102 South Street, Locust
Branch Office |
| 2005 - Present |
117 North Main Street, Oakboro |
Name Changes
Over the years, name changes have taken place to more accurately
reflect the functions of the organization as seen below.
| 1911 -1957 |
Home Builders Association |
| 1957 - 1992 |
Home Savings and Loan Association |
| 1992 - Present |
Home Savings Bank |
1996 Conversion
South Street Financial Corp. was incorporated under laws of the
State of North Carolina for the purpose of becoming the bank holding
company of Home Savings Bank of Albemarle, Inc., SSB in connection
with the Bank's conversion from a state chartered mutual savings
bank to a state chartered stock savings bank, pursuant to its Plan
of Conversion.
Current Board of Directors of South Street Financial
Corp.
Mr. R. Ronald Swanner, Chairman the Board, President and CEO of
Home Savings Bank
Mr. J. Banks Garrison, Jr.
Mr. Caldwell A. Holbrook, Jr.
Mr. Joel A. Huneycutt
Mr. Douglas D. Stokes
Mr. Greg E. Underwood
Other Directors
Listed below, in no particular order, are persons who have served
as a Director of Home Savings Bank since it was chartered in 1911.
The original Board and the current Board, already having been listed,
are not included.
| Mr. W.T. Huckabee, Jr. |
Mr. Paul Strickland |
| Mr. D.A. Holbrook |
Mr. H. P. Morrow |
| Mr. Henry L. Harris |
Mr. J.R. Williams |
| Mr. James P. Sifford |
Mr. E.W. Saunders |
| Mr. M.L. Rogers |
Mr. W.E. Milton |
| Mr. A.C. Heath |
Mr. C.A. Holbrook, Sr. |
| Mr. F.E. Starnes |
Mr. C.B. Crook, Jr. |
| Mr. F.N. Furr |
Mr. Arthur H. Rogers, Jr. |
| Mr. M.H. Morton |
Mr. Elbert L. Whitley, Sr. |
| Mr. Troy E. Alexander |
Mr. Carl M. Hill |
| Dr. W.R. Dobbs |
Mr. G.M. Isenhour, Jr. |
| Mr. E.F. Wilson,
Jr. |
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Assets by Decade
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1920
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$159,620.01
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1930
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$885,562.39
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1940
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$532,020.32
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1950
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$1,666,907.51
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1960
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$8,795,186.41
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1970
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$26,263,871.59
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1980
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$87,079,291.11
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1990
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$129,970,448
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2000
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$198,343,000
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As of December 31, 2003
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$220,154,000
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In Conclusion
Throughout its years of service, Home Savings Bank has attained
a well-respected position of leadership in the area. The key to
its success lies in the wisdom and integrity of its founders, directors,
officers and employees, and the practice of philosophy which is
client focused.
Helping individuals and families meet their personal
goals is not the only way in which Home Savings Bank has expressed
concern and support for the people of Stanly County. The Bank and
its employees also actively participate in a broad range of benevolent
causes and civic organizations.
While the success of Home Savings Bank is
reflected in concrete figures, what cannot be determined, or even
accurately estimated, is the value of the contribution, both tangible
and intangible, that the institution has made to Stanly County for
nearly a century.
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