A bank's facade is bricks and mortar.  Its backbone is financial strength.  But the heart of a bank lies within its associates, and for decades the associates of Fidelity Bank have been central to our success.   

THE BANK'S EARLY YEARS

The town of Fuquay Springs was incorporated in 1909.  That summer a group of local 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 10th in a room on Main Street. 

A few months later the bank moved into its new building on the same block.  For the first six years, a single associate, Eugene Howard, handled all the bank's business with the community. 

Robert Prince was hired in November 1922.  Fresh out of high school, he had worked carrying mail to the train station and recalls that "Cashier Whitted 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.  He retired, as President, 47 years later. 

"We had placed our confidence in our customers; they placed theirs in us" Robert Prince, President (1945 - 1969)

By 1927, the bank had three employees.  That year, the town paved its first street. 

Meanwhile another bank was following a parallel path.  Firmly rooted in the community, devoted to growing small businesses, and intent upon providing a stable financial presence, the Bank of Biscoe had opened in June of 1920. 
Shaping an Institution

The unique character of Fidelity Bank was created and has been nurtured through conscious effort.  Leadership that places a premium on trust, on relationships, and on fiscal responsibility, has been in place from the beginning.

Robert Prince, that young man hired in 1922, certainly left his mark.  Distinguished in his early years by hard work, his service to his hometown during his tenure as President (1945 - 1969) largely shaped Fidelity to be the caring financial institution we are today. 

Prince ensured the availability of services to customers through the Depression and when fire threatened the bank's building on Main Street in 1946, he made arrangements to open an office in his home which fortunately did not become necessary.  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. 

At the Bank of Biscoe, J. Edgar Maness was hired in 1927.  He died while serving as Executive Vice President in 1963.  His dedication to the bank during 36 years of association included chasing down bank robbers (1932 and 1935) and assuming personal responsibility for a sizable bad check he cashed during the Depression.

His daughter, Faye McGinnis shares, "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." 

Maness also allowed for the idiosyncrasies of customers, such as the gentlemen who firmly believed that is 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

The Great Depression of the 1930s was a time of great upheaval for the country and largely devastated the banking industry.  The economic collapse of real estate and agricultural mainstays like cotton and tobacco, coupled with the failure of thousands of banks, left millions of Americans literally on the brink of starvation.

In two small North Carolina towns, banks that had anchored their communities persevered.  Both the Bank of Fuquay and Bank of Biscoe continued to be safe and secure for their depositors. 

Robert Prince remembered: "One of President Roosevelt's first acts was to declare a banking holiday on March 3, 1933.  Banks were allowed to operate under strict regulations.  One week later, we had to seek a new license to operate.  I prepared the application and called a Director's meeting for Sunday evening.  I hand carried our application to the State Banking Department and at 2 am was advised that the Bank of Fuquay had received state license number 14." 

The Bank of Fuquay was open for business as usual the next day.  No panic, no "runs" on the bank.  We had placed our confidence in our customers; they placed theirs in us," said Robert Prince. 

The Middle Years

The Bank of Fuquay and the Bank of Biscoe remained strong during and after the Great Depression.  Assets grew, and each began to serve neighboring towns through branch offices. 

It was in the 1940s that the Robert P. Holding Family of Smithfield purchased 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, a Cary office was established in 1952, and in 1970, shareholders in the two banks voted to merge the institutions and rename the corporation "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 has continued to strengthen. 

In 1977, as Chairman of the Board, Robert Holding, Jr. encouraged and helped plan the home office of Fidelity Bank in Fuquay-Varina.  Unfortunately he died in 1979 before the building was completed.  The legacy of the Holding family continued however.  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.  The new bank buildings found in Robbins, Cary, and Oxford are symbols of his vision for The Fidelity Bank, one that carries us into the future.  

Today

With dozens of branches in different communities across the region, Fidelity Bank still prides itself on taking the time to get to know and understand its customers.  From small towns like Biscoe to booming suburban enclaves like Cary, our associates live and work with their customers. 

Today, over half of the bank's business is transacted by phone, electronically, or through ATM locations.  Fidelity's online banking services will dramatically impact the way banking is conducted, allowing people with busy lives to enjoy the convenience of accessing current account information online. 

For our associates these changes mean that every chance to meet customers face-to-face is even more important, when their visits to the bank are no longer daily but monthly. 

We have created a bank with quality assets and a higher than average return on those assets.  In return, Fidelity profits are being used to expand locations, services, and opportunities for customers and associates alike. 

Tomorrow

The future holds great excitement for banking.  Our region is in a period of unprecedented growth, and the role technology plays in this growth will expand.  Using the latest technology, Fidelity will provide a wider range of products and services to meet a family's financial needs. 

Fidelity Bank has remained strong through two world wars, the Great Depression, the massive social changes of the twentieth century, and local shifts from an agricultural to a technological economy.  We recognize our rich history and eagerly anticipate the future.  Though the path to banking services has changed from a ledger sheet to a spread sheet, relationships developed by our associates are the strength of Fidelity Bank.