Bank of Greer
- Title
- Bank of Greer
- Description
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From the 60th Anniversary brochure (1985):
On January 14, 1925, a group of interested citizens of Greer, Duncan, Lyman and surrounding areas met for the purpose of organizing a bank. It was decided that capital stock was to be $25,000.00 with a par value of $100.00 per share. At the time 240 shares were subscribed and a charter was obtained for the bank to be located on Main Street in Duncan, South Carolina and to be named, "The Peoples Bank of Duncan." The original office was located in what is now the City Hall of Duncan and, ironically enough, only a very short distance from one of the present branch offices of Bank of Greer.
The first Board of Directors elected at the stockholders meeting consisted of O.M. Moore, J.C. Cunningham, M.C. Davenport, W.S. Glenn, Alfred Moore, and T.W. Moore. The Board then appointed O.M. Moore, President and J.S. McClimon, Cashier and Officer in charge of operations.
The Bank operated in Duncan, until the Bank Holiday was declared by the President of the United States in 1933. After the Holiday, the Bank was allowed to reopen for business without any restrictions. This is unique, because out of all the banks in Spartanburg County, only Peoples Bank of Duncan and one other survived the Banking Holiday of 1933.
During April and May of 1933, a movement was started to amend the original charter and move the bank to Greer, South Carolina. Authority was granted and the name was changed to Bank of Greer. At this time there was no commercial banks in Greer, and only the Planters Savings Bank, which was operating on a restricted basis, to serve the needs of the growing trade hub centered in Greer. A stockholders meeting ws held and the first Board of Directors of Bank of Greer was elected consisting of B.A. Bennett, Dr. R.L. Marchant, R.D. Dobson, J.C. Cunningham and J.H. Walker. The new board accepted the resignation of O.M. Mooreas President, and elected B.A. Bennett the first President of Bank of Greer, Dr. R.L. Marchant Vice President and J.S. McClimon Cashier. On June 15, 1933, the bank opened its doors in Greer, with total assets of $137,151.87, in temporary quarters on the corner of Trade and Randall Streets. It moved shortly one block north to the corner of Trade and Victoria Streets. The first three full time employees in Greer were J.S. McClimon, W.S. "Bill" Moore, and Mrs. T.F. "Kate" Boozer.
The first called statement was issued at close of business Octobe 25, 1933 and showed total assets of $168,744.58 with deposits of $137,000.00. It was at this time that application was made and granted for membership in the Federal Deposit Insurance Corporation, the government agency that insures and regulates activity in nearly all commercial banks in the United States.
The Bank of Greer continued to grow during the following years both in deposits and activity. By year end 1935 assets showed a figure of $597,271.22. The bank passes the million dollar barrier during 1938 and by December 31, 1942 had grown to over 2.6 million in total assets. The bank continued to expand as it passed the 5 million dollar plateau by year end 1945.
In 1955, the directors saw the need for enlarged quarters and expanded into a building next door on Trade Street which relieved the crowded conditions that had hampered additional growth. The first drive-in window was constructed at the rear of the Trade Street office at this time to provide for drive up banking. In early 1959 a second drive-in facility was constructed at the Trade Street office at this time to provide for drive up banking. In early 1959 a second drive-in facility was constructed at the Trade Street office to provide expanded service.
In 1960, an application was made to the State Board of Bank Control and the FDIC for authority to establish a branch bank at the Hampton Village Shopping Center on Highway 29 in Taylors. Permission was granted and the office was opened with W.H. Bruce, Assistant Cashier as the Branch Manager. This became the second office of Bank of Greer. This expansion provided for additional growth of the bank and by year end assets had passes the ten million dollar level.
In July 1964, a third branch of Bank of Greer was opened on Main Street in Duncan, only a very short distance from the original office of "Peoples Bank of Duncan." John C. Bearden was named as Branch Manager. This gave the bank locations east and west of Greer to serve these rapidly growing areas.
In 1966, the fourth location of Bank of Greer was opened at 601 North Main Street in Greer, with Robert J. Loftis named as Branch Manager. This gave the bank two locations within the City of Greer. The bank continued to grow and by year end 1967 total assets had grown to over 16.6 million dollars.
In 1968 the office at North Main Street expanded and the ban's bookkeeping department was moved there from the Trade Street location. The bank's Senior Management soon followed and North Main was named as the main office of Bank of Greer, with Trade Street remaining open as the downtown branch. By 1970 total assets of the bank had grown to over 23.8 million, more than double what they were ten years earlier.
The bank expanded again in 1973, building a location in the newly developed Greer Plaza Shopping Center. Dan W. Sloan was named as Branch Manager. This became the third location in Greer, allowing customers to do their banking and shopping in one location.
In May 1975, the sixth location of Bank of Greer was opened in Eastgate Village Shopping Center in Taylors, with C.B. Hyatt as Branch Manager. This new location was built to service the rapidly growing population in the Taylors area. By year end 1975, total assets had grown to over 44.1 million, nearly double those of 1970.
This time period signaled a period of tremendous growth for the Bank of Greer, despite the national economy slowly recovering from a recession. By 1978, total assets had topped 62 million dollars and earnings exceeded the one million dollar mark for the first time in the bank's history. Continued customer and employee growth were making conditions at the North Main Office crowded and construction was begun on a new office located at 304 West Wade Hampton Blvd. In Greer on the property known as Village Greer.
In August 1980, the bank opened its seventh office Village Greer, a 2.2 million dollar, 4 story facility; one of the most modern banking facilities in the state. This office houses the Bank's Management, the operations area, the bookkeeping department, the loan departments, the data processing department, the trust department and the full service tellers and drive-in facilities.
The year 1981 saw a period of change in the Bank of Greer and in all of the banking industry with the introduction of N.O.W. accounts (checking accounts with interest). This signaled the beginning of deregulation of the banking industry. In mid 1981 a new drive-in facility was opened adjacent to the Duncan Office. This modern 4-lane office provides customers in that area with fast and efficient service.
In late 1981, automatic teller machines were installed in three of the bank's offices, the Main Office on Wade Hampton Blvd., the Duncan Express Office and the Eastgate Office, to provide customers with 24 hour banking. Despite all these changes, 1981 proved to be another good year for the bank as year end assets topped 87.3 million and deposits exceeded 76.8 million.
In April of 1983, the bank installed its own inhouse computer system, providing the bank's employees and customers with the most modern up-to-date products and services. In May of that same year, in an effort to better serve the customers in the Taylors and Greenville areas, the Wade Hampton office was relocated from its existing location in Hampton Village Shopping Center to a new highly visible location at 2520 Wade Hampton Blvd. Greenville, yet less than a mile from its original location. This new office provides the most modern in banking facilities complete with 4 drive-in lanes and an automatic teller machine. Year end total assets for 1983 topped 105.5 million dollars and net income exceeded one million dollars with total deposits increasing by over 10 million.
The year 1984 proved to be one of the best years in the history of the Bank of Greer as total deposits increased 12.1 million dollars, the largest dollar increase in the bank's history. Year end total assets exceeded 120.3 million dollars and net income was 1.2 million, very significant gains in a time of continued deregulation of the banking industry.
In mid August 1985, Bank of Greer opened its eighth office, Maxwell Pointe, with T. Preston Rochester as Branch Manager. This modern facility complete with an automatic teller machine and 4 drive-in lanes is located at the intersection of Highway 14 and Woodruff Roads in Greenville near the Mauldin, Simpsonville areas. This office opens up a new market to the bank in one of the fastest growing residential and commercial areas in the county. In the very short time that this office has been open, it has shown that there was a tremendous need for an office in this area and that Bank of Greer could meet the needs of those customers.
From its beginning as one small office, Bank of Greer has radiated from its main office at 304 West Wade Hampton Blvd. Greer, to seven additional locations throughout Greenville and Spartanburg counties. Those locations are: 601 North Main Street Greer, 106 Trade Street Greer, Greer Plaza Shopping Center Greer, 206 West Main Street Duncan, 2520 Wade Hampton Blvd. Greenville, Eastgate Village Shopping Center Taylors, and Maxwell Pointe Shopping Center Greenville. Beginning with only a few faithful investors, and a handful of dedicated employees, it has grown to over 150 employees and an annual payroll exceeding 1.7 million dollars.
Despite its small beginnings Bank of Greer has grown into a leader in the banking industry. We are able to offer the most modern banking services and conveniences yet retain that hometown friendly service. "Benefit Banking" truly does "Make the Difference."
The Bank of Greer has often been called a "unique" financial institution; not very many can state that they have had only 5 past presidents. O.M. Moore served as the President of "Peoples Bank of Duncan" from its beginning in 1925 to the moving of the bank of Greer in 1933.
With the changing of name and location B.A. Bennett became the first President of Bank of Greer. He served as Chief Executive Officer from 1933 until his death in 1964. At that time J.S. McClimon assumed the Presidency and served until his retirement in 1966 which ended a very illustrious banking career that spanned 50 years.
Upon the retirement of Mr. McClimon, Harry Daniel who came to the bank in 1936 was elected President. Mr. Daniel served as President until his retirement in 1972. With the retirement of Mr. Daniel, John C. Bearden who began with the bank in 1948 became the new President. Mr. Bearden saw the bank through its period of expansion, rapid development and growth, retiring in 1983 ending an active banking career of 35 years. Mr. Bearden remains with the bank as a member of the Board of Directors.
In June of 1983 H. Alvin Freeman was elected as the new President. Mr. Freeman began his career with the bank in 1946, steadily moving thru management, until he became the President. Mr. Freeman remains the head of Bank of Greer to this day, and under his steady leadership the Bank of Greer has continued to grow and expand its customer base.
Without the innovative and forceful leadership of these men, the Bank of Greer would not be the strong financial institution it is today.
The Bank of Greer's Board of Directors have always been a strong and steady influence. Through out the years many outstanding men have faithfully served on the Board; men such as B.A. Bennett, J.S. McClimon, R.A. Dobson, I.B. Dobson, George Harrison, J.H. Walker, Harry Daniel, John Ratteree, Dr. J.L. Hughes, B.B. Waters, W.P. Brannon, R.H. Wood, Sr., Ansel Alewine, E.A. Burch and Herbert L. Freeman. The current board consists of John C. Bearden, Virgil Q. Cox, L.M. Davis, MD., E. Dennis Dobson, Lawrence M. Dobson, David V. Duncan, H. Alvin Freeman, Hayne P. Griffin, Jr., Ben L. Paget, James S. Paget, Jr., Jack E. Shaw, Jefferson V. Smith, Jr., and Earle R. Taylor (Director Emeritus).
Bank of Greer has seen its trade area grow from mainly agriculturally based, through the Great Depression, World War II, the dawn of the nuclear age, the rise of the textile industry, man's exploration of the stars, the dawn of the computer age and others, yet it has remained steadfast in its commitment to the people that it serves. - Street Address
- 601 North Main Street Greer, 106 Trade Street Greer, Greer Plaza Shopping Center Greer, 206 West Main Street Duncan, 2520 Wade Hampton Blvd. Greenville, Eastgate Village Shopping Center Taylors, and Maxwell Pointe Shopping Center Greenville.
- Item sets
- GREER: businesses
Part of Bank of Greer