Home Savings celebrates 100 Years
By Joyce Lavene
Senior Staff Writer

Home Savings Bank issued an invitation to everyone—come to Albemarle for a party—and everyone came. Hundreds of people lined the blocked-off streets outside the bank’s office. There was dancing on First Street and chalk drawing on Main Street. Kids waited n line to jump in bouncy houses and counted pennies at the corner.
DJ Joey Gathings kept the party atmosphere going with his blend of seventies, eighties and nineties music until the Craig Woolard Band took over. There were 2,500 free hot dogs, games and giveaways for everyone from 5 to 10 pm. Green balloons filled the evening, some sailing away into the skies above the city buildings.
Ron Swanner, chairman, president and CEO of South Street Financial Corp., the parent holding company for Home Savings Bank, said this event was a small attempt by the bank to say thank you for the 100 years the bank has enjoyed.
“We have close to $100 million in business just in Western Stanly County. We owe our success to our customers, our employees, and a lot of hard working people who came before us. What sets us apart is our customer base—the people of Stanly County—who pay their bills on time and save their money. We rely on them. They are what has gotten us through the hard times because they are extraordinary.”
Home Savings is celebrating their first 100 years in business. The bank organized on June 27, 1911. It was only open on Saturdays back then but is now Stanly County’s oldest financial instituion with branches in Albemarle, Oakboro, and Locust.
The bank began with a small group of business and civic leaders. They met at the Stanly County Courthouse with the goal of forming a financial institution for the mutual benefit of savers and borrowers. Among the group’s objectives was to develop and implement a savings organization 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.
Nine men were chosen as the first Board of Directors for the new financial institution. They were the movers and shakers of their time and included J.M. Morrow, P.O. Skidmore, A.P. Harris, W.L. Mann, T.C. Rivers, E.E. Snuggs, Dr. J.C. Hall, S.H. Hearne and J.E. Ewing.
The group elected the bank’s first officers—J.M. Morrow, who served as president from 1911 to 1941; S.H. Hearne, Vice President and W.L. Mann, Secretary/Treasurer. R.L. Brown, Sr. was chosen to be the association’s attorney.
The group’s first loan was made to S.K. Lowder on July 10, 1911. Most of the early loans were for amounts of less than $1,500. The bank operated out of a teller window inside Stanly Bank and Trust at that time.
The first annual financial statement for the Home Builder’s Association was for $8,061.46 in assets.
The association’s name was changed to Home Savings and Loan in 1957 then again in 1992 to Home Savings Bank.