Asheville Savings Bank

Asheville Savings Bank was established on March 1, 1936, originally named Asheville Federal Savings and Loan Association. Over the decades, the institution underwent several changes in its structure and naming conventions. In 1981, it acquired McDowell Savings and Loan Association located in Marion, North Carolina. By December 31, 1990, the bank changed its organization type to a Mutual Savings Bank and rebranded itself as Asheville Federal Bank - A Federal Savings Bank. On May 10, 1993, it changed its name to Asheville Savings Bank, S.s.b., while also changing its primary federal regulatory agency to the Federal Deposit Insurance Corporation (FDIC) and its chartering agency to a state entity. On October 6, 2011, Asheville Savings Bank transitioned to a stock savings bank format. The main office was relocated to 11 Church Street in Asheville, North Carolina, on December 31, 1990. Ultimately, on October 1, 2017, Asheville Savings Bank merged with First Bank based in Southern Pines, North Carolina, marking the end of its independent operations.

Below is a list of some important events in banks history, including mergers and acquisitions.

1936-03-01Institution established. Original name: Asheville Federal Savings and Loan Association.

1981-03-31Acquired Mcdowell Savings and Loan Association in Marion, NC.

1990-12-31Changed Organization Type to Mutual Savings Bank.

1990-12-31Changed Institution Name to Asheville Federal Bank - A Federal Savings Bank.

1990-12-31Main Office moved to 11 Church Street, Asheville, NC 28801.

1993-05-10Changed Chartering Agency to State.

1993-05-10Changed Primary Federal Regulatory Agency to FDIC.

1993-05-10Changed Institution Name to Asheville Savings Bank, S.s.b..

2011-10-06Changed Organization Type to Stock Savings Bank.

2017-10-01Merged and became part of First Bank in Southern Pines, NC.