As we celebrate the 100th anniversary of Peoples Bank, we look back at the bank’s history, its founders and its growth in our community. See the full list of stories here. Be sure to pick up a copy of our cookbook “Centennial Commemorative: Recipes & Remembrances” at your local branch office.
The men who founded Peoples Bank knew how valuable a community bank could be. They knew that a community focused bank would itself be an engine for community prosperity. They had likely seen a notable example in nearby Hickory. There a home-grown banking institution was credited by many for playing a sizable part in financing a residential building boom between 1870 and 1900. Later, Citizens Bank in Hickory (that later became the First National Bank of Hickory), played an important part in the town’s early days. The communities of Conover and Newton also gave birth to notable banking institutions that provided a big boost to their growth.
It was, therefore, logical that the bank’s founders concluded Catawba needed a real Peoples Bank. And, on the evening of May 19, 1911 the launch of that new bank was accomplished.
The new institution, and its shareholders, were fortunate to be organized by people who understood one of life’s highest accomplishments was to conduct the company’s day-to-day affairs in such a way as to be certain the bank would be around in the days to come.
Those values would greatly benefit the bank during the hard times that would befall (two World Wars, the Great Depression, the Great Recession and other economic challenges) as well as the good economic periods that would also occur. Learning to manage the good times so as to provide for the bank’s sustenance during bad times became a critical part of later success; standing the company in good stead as it dealt with the ups and downs of the business cycles during future decades.
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