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The Fidelity Bank
 
 
Mission statement: 

Fidelity Bank’s mission is to be the Independent, Sound and Profitable bank that businesses and families come to first – and Bank with for life.
Independent – Fidelity Bank is not for sale.  We have been independent for nearly 100 years, and plan to remain that way.

Sound – our bank is safe and secure.  We have superior quality assets and a rock solid capital position.

Profitable – Our bank is profitable and growing.  We provide consistent healthy returns, and we seek out opportunities for growth and expansion.

Bank for Life – We earn the loyalty of our customers.  Our superior attention to caring, personal service lets us build relationships that span lifetimes – even generations.
History: 

The Beginning

“We had placed our confidence in our customers; they placed theirs in us.”

Robert Prince, President (1945 -1969)

The town of Fuquay Springs, North Carolina was incorporated in 1909. That summer, on June 16th, a group of local pioneering businessmen came together to create a financial institution to serve the growing town. Capitalized with $7,500 from investors across the region, The Bank of Fuquay opened for business on August 10 in a one-room office. The Bank of Fuquay was the foundation of what today is called Fidelity Bank. Mr. K.B. Johnson was named the Bank’s first President and during the first months of operation, a new building was constructed. For the first six years, a single associate, Eugene Howard, handled all of the bank’s business with the community.

In 1914, the capital stock was increased to $10,000 through public subscriptions. Good profits were realized throughout the years and by 1921, capital had increased to $20,000.

Robert Prince was hired in November 1922. Fresh out of high school, he had worked carrying mail to the train station and recalls that, “The Cashier of the Bank of Fuquay called me from the sidewalk to inquire if I was interested in working for the bank.” Prince accepted and supplemented his salary of $60 per month by performing janitorial duties at the bank for an extra 25 cents a day. At the age of 24, Prince was the youngest cashier in the state. He retired, as President, 47 years later.

The Early Years
“Dad felt like all his employees were family; he felt responsible for them. He was also determined that no one would default and hurt their credit. I remember that I’d ride with him all over the county when he went to visit people to see if there wasn’t some way to work out payment.”

Faye McGinnis, daughter of J. Edgar Maness

In June 1920, another bank was following a parallel path as that of the Bank of Fuquay. Firmly rooted in the community, the Bank of Biscoe was devoted to growing small business, and intent upon providing a stable financial presence.

J. Edgar Maness was hired at the Bank of Biscoe in 1927. That same year, the Bank of Fuquay had three employees and Fuquay Springs had just paved its first street. Mr. Maness’ dedication to the Bank of Biscoe lasted 36 years and included chasing down bank robbers and assuming personal responsibility for a sizeable bad check he cashed during the depression. Maness also allowed for the idiosyncrasies of customers, such as the gentleman who firmly believed that it was good luck to make a deposit on the first day of the New Year. Though the bank was closed, Maness accepted the deposits each year at his home.

The Depression

On March 4, 1933, when The Great Depression crisis came and President Roosevelt issued a proclamation declaring a national banking holiday, the Bank of Fuquay was transacting business in a normal way, although thousands of banks throughout the nation had met with misfortune and placed restrictions upon deposits. The Bank observed the rules of the Bank Holiday but sought opportunities to release funds to provide for the needs of the depositors. The Bank of Fuquay received state License No. 14 to reopen after the Bank Holiday and resumed business as usual the day after the Federal Reserve Banks reopened.

The Bank of Fuquay celebrated its 26th birthday on August 9, 1935 with a banquet at the Ben Wiley Hotel, a local landmark at the time. The Commissioner of Banks, Gurney P. Hood, was a distinguished guest, and complemented the progress of the Bank. The guest speaker was Carl Goerch, humorist and editor of The State Magazine.

In late 1936, a new vault door was installed. It weighed 11 ½ tons. Five men from the Mosler Safe Company worked five days and nights to install the door. The Bank ran a full page advertisement in The Independent newspaper on January 8, 1937 inviting the public to see the new door. The response was immediate and widespread. The vault door became a regular stop for school tours. The vault door is still in use, the intricate works and engraving unchanged by the years.

The Middle Years
Fire has threatened the Bank of Fuquay on two occasions. On March 7, 1946, fire broke out in the adjacent building which at that time was the Proctor-Barbour Company workshop. Although the fire was intense, the Bank was saved by the high fire wall on the south side of the building. During the fire, president of the Bank, Robert Prince, was making plans to open temporary banking facilities the next morning in his home so customers would have a place to do their banking business.

Prince ensured the availability of services to customers not only when fire closed the Bank’s building on Main Street in 1946, but throughout the Depression as well. He instituted agricultural aid programs for farmers and regularly placed large ads in local papers featuring the Bank’s associates. For years, his holiday letters to associates, customers, and even world leaders gave thanks and reflected on the Bank’s progress.

Golden Anniversary
“I am mighty glad to participate in this observance of the Bank’s Golden Anniversary. I first visited the Bank of Fuquay in 1910. I have been one of its friends ever since.”

L.H. Beck, Sales Supervisor of the Fuquay Springs Tobacco Market

In 1959, the Golden Anniversary of the Bank celebrated fifty years of service to Fuquay Springs. A celebration event was held on May 19th and 20th and was attended by hundreds of people.

The Bank of Fuquay and the Bank of Biscoe remained strong during and after the Depression. Assets grew, and each began to serve neighboring towns through branch offices. It was in the 1940’s that the Robert P. Holding family of Smithfield, North Carolina purchased an interest in both banks. Robert Holding, Jr. went to work at the Bank of Fuquay and eventually served as its President and Chairman of the Board. Under his leadership and through the Bank’s growth and desire to reach more people, the first branch office was opened in Cary in March of 1952.

The Merger
“They were everything. Where you kept your life savings, cashed your check, bought your home. The people at Fidelity have been community leaders. They are known for helping people at every station in their lives, personal or professional. The town and the Bank have grown up together.”

Koka Booth, former Mayor of Cary (1987 – 1999)

On June 1, 1970, The Bank of Fuquay and the Bank of Biscoe merged and changed its name to “The Fidelity Bank”. By combining the financial and human resources of the two small banks, automation of services became possible. Lending ability increased, as well as expansion into new communities. The new Fidelity Bank served a diverse group of businesses, both agricultural and industrial, and its financial stability was strengthened. The new bank served six towns.

Fire again threatened the bank on March 1, 1977. While the entire front of the block burned, the Bank was again saved by high fire walls.

That same year, Robert Holding, Jr. encouraged and helped plan the new home office of Fidelity Bank in Fuquay-Varina and subsequently retired in 1977 when Billy Woodard became President. Unfortunately, Robert Holding, Jr. died in 1979 before the building was completed. Robert Holding Jr.’s brother, Lewis R. Holding, organized Fidelity under a holding company in 1988. Lewis Holding also encouraged Fidelity’s board of directors and management to look beyond the day-to-day financial activities of the bank and anticipate ways to grow with customers’ needs and associates’ talents.

Today

“The communities we serve each have a unique character. They represent that which is identified as the heartland of America. We want to help maintain those values.”

Billy T. Woodard, President (1977 - 1997)

Since the beginning, the unique character of Fidelity Bank was created and has been nurtured through conscious effort and leadership that places a premium on trust, relationships, and fiscal responsibility.

Today, Fidelity Bank serves 69 locations in 26 counties in two states and currently has more than $1.5 billion in assets. The bank employs more than 450 people and leading the way is the current President and CEO, Mike Whitley. The Bank’s roots are in small towns and communities that have nurtured Fidelity Bank throughout the years. We believe in the communities that we are privileged to serve and it is our desire to see them grow and prosper.

Tomorrow

Looking forward, we will maintain our culture of sound credit quality and a strong capital base. These two areas are critical as we make plans to grow into the next 100 years. During the past, we have seen our primary customer base evolve from agriculture to consumer to small business. The future will likely bring more changes in the demographics of our customer base and their needs. These changes will be both challenges and opportunities; and the way we anticipate and respond will determine our success. As we respond to the changes of the future, we will always provide our customers with the exceptional customer service that they deserve.

We are proud of our heritage, but it takes a lot more than history to have come this far. It requires a foundation of trust, based on a century of solid banking service and a tradition of sound financial principles to achieve the status of one of the safest and most sound banks in the United States.
Formerly known as:  Bank Of Fuquay


 
 
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