Our History
Morganton Savings Bank was founded in March of 1903 by a group of local business leaders, as Morganton Building and Loan. Our first offices were in the Claywell Furniture Store. For many years the office was in the rear of Morganton Hardware on what is now West Union Street, and then moved to the Kibler Building and then to 103 Queen Street. At the time of our founding and organization our city streets were unpaved. The first surface to be laid down on Union Street was gravel from the Brindletown Gold Mine, and it was said that we had streets of gold.
In 1959 our name was changed to Morganton Savings and Loan as the thrift industry nationwide adopted a mission of helping people build savings and promote home ownership.
In 1969 we built a brand new office at the corner of King and Collett Streets and conducted our business there until we moved to the historic Tate House at 100 South King Street in August of 2001, after completing a multi-year renovation of the property.
The institution has only had four CEO’s (known as managing officers or Managing Secretary until the 1970’s). The first was Edward Bascom Claywell, one of the organizing board members and a prominent businessman. He was the owner of the Claywell Furniture Store and of Morganton Hardware. He shepherded the institution through World War I, the Roaring 20's, and the onset of the Great Depression. He served in that role until his passing in 1935.
Harry L. Riddle then assumed the position, guiding the institution through the end of the Depression, World War II, and then presiding over a period of solid growth that coincided with the growth of Morganton and Burke County. He served until his death in 1976.
Max Lowery, who was Vice President of the Association after joining the staff in 1971, was then promoted by the Board of Directors to the top role. Mr. Lowery saw the institution grow and prosper, converting from a State Chartered Savings and Loan to a Federal Savings and Loan in 1981. Mr. Lowery and the Board continued the conservative and prudent path established by their predecessors, which stood us in good stead through the turbulent years of the early 1990’s and the “S&L Crisis”, wherein almost half of the savings and loans in the country failed, including a large local institution, Surety Federal.
Mr. Lowery retired in 2000, passing the reins to Mike Ayotte. Mr. Ayotte has continued the safe and sound approach to serving our customers and community. High capital, strong liquidity, and prudent lending are proven principles and precepts, and that stance was validated throughout the years of the “Global Financial Crisis” that began in 2008. As a result of the passage of the Dodd-Frank Act, Mr. Ayotte and the Board made the strategic decision to revert to a state charter in 2012, renaming us Morganton Savings Bank.
Our mutual form of ownership allows us to be flexible and to take a long view, and it is the stated desire of the Officers and Board to remain independent in the face of continual consolidation of banks and thrifts nationwide. Our focus is, and has been, Burke County, and our leadership and Board are all local people with deep roots in our community. We will continue to provide an extraordinary level of service and commitment to our customers.
Safe and Sound, Since 1903.