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 (2002-2009)
Mr. David Smith (2009-Present)

Location of Offices:

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 of the Board, President and CEO of South Street Financial Corp. and Chairman of the Board 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.

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.