As Jackson Savings Bank moves into its seventh decade, we look back with pride to a history of dedicated service to the people of Jackson and surrounding counties in Western North Carolina. This service began in 1955 when a group of thirteen local business and professional people, inspired by a common goal to invest in the people and future of the county, hammered out a plan that would result in the founding of Jackson County Savings and Loan Association.

Without a physical “home” at the time, the Association first conducted business at a local attorney’s office. The late David M. Hall, who spearheaded the organization of the Association, had agreed to allow the use of his office and the assistance of his secretary to handle business transactions until funds were available to obtain office space and hire staff.

The first organizational meeting of the Association was held on August 2, 1955 in Hall’s office. A constitution and by-laws were adopted and a board of directors and officers named. Elected directors were W.B. Dillard, A.B. Wilson, Ray Cogdill, Chester Scott, W.R. Hampton, W.D. McKee, J.P. Stovall, Dan B. Hooper, and J.  A. Bryson. Dillard was named president; Stovall, vice president; and Hall, secretary-treasurer. With the formal organization completed, Dillard announced that the new investment and lending agency was ready to issue stock certificates to anyone wishing to invest in the Association.

When the certificate of incorporation was filed, 119 shares at $100 each were subscribed by thirteen founding members for a total of $11,900. In the first month of operation, $7,500 in loans was approved. Assets of the Association climbed steadily and rapidly through the years, first topping the $1 million mark in 1964 and $2 million in 1967. By its 30th anniversary in 1985, the Association had increased its assets to over $22 million.

During these years, the Association achieved several other milestones. Significant among these was the approval of Federal Insurance on every account in 1961 by the Federal Savings and Loan Association Corporation. Also, in 1968 the Association purchased property and in 1971 plans were drawn up for a building to house the Association. The savings and lending enterprise had occupied office space in the Hotel Lloyd building (presently the Jewel Outlet) since 1957. Construction began on the new building in the fall of 1971; and on September of 1972, the Association moved into its new quarters and present location. Expansion came in 1988 with the addition of a Bryson City office that opened for business on November 7. Today the Bryson City branch is located in the Valley Village Shopping Center in town.

Through the years, the institution also changed in name to better reflect its growth, geographical reach, and services. In 1987 the name became Jackson Savings and Loan.  Then on July 2, 1992, under the State Savings Bank Charter made available by the North Carolina State Legislature in 1991, the institution took its present name of Jackson Savings Bank, SSB. Today, the bank’s assets are in excess of $34 million.

Of course the officers and staff of the bank have also changed over the years. When the institution was located at the Hotel Lloyd building, Mrs. Josephine Queen managed the office. Later, L.C. Hall was managing officer and was succeeded by Mrs. Rebecca C. Wilson. Roy C. Cloer assumed that position in 1973 and was succeeded by Dennis Burrell in 2001. Presently, W. Paul Holt, Jr., is President; and following in his father Ray Cogdill’s footsteps, board member Sam Cogdill serves as Vice President. Phyllis Morgan serves as Executive Vice President and Opal Barker is the Branch Manager in Bryson City.

Today, we at Jackson Savings Bank are proud of our past and present. As the bank has grown in size and assets since 1955, so too have the communities we serve. Most of all, we are proud to have played a significant role in this growth, providing loans and savings accounts that have generated new and prospering homes and businesses throughout the region.