Cullman is rich with local financial institutions, and those institutions invest back into the community, contributing mightily by supporting numerous nonprofits and schools, partnering with area businesses and positively impacting the overall quality of residents’ lives.
Here, we take a look at four local banks: Cullman Savings Bank, First Community Bank, Premier Bank of the South and Traditions Bank.
Cullman Savings Bank
John Riley – President and CEO
Cullman Savings Bank was founded in 1887 by 30 of the original settlers of Cullman. It was originally named Cullman Building & Loan, and the first president, Founder G.O. Dinckelberg, devised a plan for each member to deposit a small amount of money into a pool. The members could lend the money to each other until each member constructed his own home. This arrangement remained until each member had the opportunity to build or acquire his home. Back then, there were no regular office hours, so members assembled each Saturday night to transact business.
In 1941, the bank changed its name to Cullman Savings & Loan. It moved to its present location at 316 Second Ave. SW in 1970. A branch office in Hanceville was opened in 1979. Cullman Savings & Loan converted to a federal savings bank charter and changed its name to Cullman Savings Bank in 1994. A second branch was opened at the intersection of Eva Road and Alabama Highway 157 in 2004. Cullman Savings Bank’s South Branch, located at 1652 Second Ave. SW, opened in 2013.
The bank formed the new Cullman Bancorp, Inc. in July 2021 and sold stock to its depositors, enabling depositors and the community to share in the bank’s long-term growth and success.
“Banking locally means quick turnaround, personalized service and giving back to the community,” said Executive Vice President and Chief Operating Officer T'aira Ugarkovich. “A true local or community bank’s success or failure depends on the financial health of the community. It is in our best interest to always be looking for ways to make our community stronger.”
In 2002, the Board of Directors formed the Cullman Savings Foundation, which merged with Cullman Savings Bank Foundation in 2011. To date, Cullman Savings Bank Foundation has given over $728,000 back to various community projects including the Field of Miracles, Good Samaritan Health Clinic, Wallace State Community College Future Foundation and many other projects.
“We are proud of the role we play in contributing to the vitality and quality of life in the communities we serve through partnerships with local businesses and nonprofit organizations, said Ugarkovich. “Since our founding in 1887, we have maintained a rich history of supporting our communities through a combination of leadership, employee engagement, volunteerism, sponsorships and giving. Working with local communities and knowing that our involvement makes a difference is something we focus on daily.”
First Community Bank
William R. Faulk – President and CEO
First Community Bank started as Improved Savings and Loan in 1905. Its current Board of Directors includes William R. Faulk, Terri McGriff-Waldrop, Garlan Gudger Jr and Finis E. (Fess) St. John IV.
“As Cullman grew, Improved Savings and Loan did as well. It was more about community than business. Over the next few decades, we became a staple in community banking and changed the name to First Federal Savings,” said Vice President and Director Of Public Relations Rachel McPhillips. “In 1994, William R. Faulk was named president and CEO. His vision has continued to blaze the trail we are on today. In 2008, our current home was constructed on Second Avenue Southwest and Fifth Street Southwest. In 2011, First Federal changed its name to First Community Bank to reflect our passion for community growth and support. We have been a part of Cullman’s continued growth from the very beginning.”
She continued, “Banking locally offers a range of benefits for customers or businesses. Providing personalized service is where local banks excel. Customers often enjoy more direct interaction with staff who are familiar with their financial needs and can offer tailored solutions. Additionally, local banks tend to have fewer fees and lower lending rates compared to larger financial institutions, which can result in cost savings for customers.
“Supporting the local economy is another significant benefit of banking locally. By keeping deposits within the community, local banks can reinvest in the growth and support of the area. Local banks are more invested in the well-being of the community and are often involved in philanthropic efforts and community development projects, making them a vital pillar of support for Cullman.”
McPhillips said giving back to the community is a powerful way to make a positive impact.
“We believe that building community starts with supporting the local schools, whether that is through team sponsorships or volunteering time and resources for programs like the Liberty Learning Foundation,” she said. “Being able to show support in community events and programs like Oktoberfest and Bloomin’ Festival is extremely rewarding.”
Premier Bank of the South
Jacob M. Mullins – President and CEO
“In 1987 my father, Jay Mullins, and several local business men and women formed First Commercial Bank of Cullman County with the sole purpose of serving the citizens of Cullman County with a locally owned and operated bank. Since the very beginning, our sole mission has been to provide all of our customers with the best possible customer service, while offering all of the products that the larger chain banks provide,” said Mullins.
“The citizens of Cullman County blessed us beyond imagination, and we decided to branch out into other areas of north Alabama with the same mission in mind, premier customer service and products for all of our current and future customers. We changed our name to Premier Bank of the South in 2004 to signify that not only will we always take care of our original Cullman customer base, but also that we are committed to serving other areas of north Alabama. We have always remained locally owned and operated, with no plans to change that in sight.”
Mullins continued, “I could spend hours on all of the benefits of banking locally, but they all circle back to one truth: personal relationships. With all of the advancements in technology today, it has gotten easier to handle banking needs remotely. We strive to constantly implement or upgrade our technology to allow customers all of the products to be as remote as they choose. But even with all of the technological advancements, I firmly believe that it is imperative to have a personal relationship with your bank, to be able to sit down and have face-to-face conversations, to be able to pick up the phone and actually talk to another human. This can be easily lost in today’s environment.”
Mullins concluded, “We have been so blessed over our 37 years, and we feel that it is our duty to give back to the communities that allow us to serve them. Whether it is helping the local school systems with various needs that arise, supporting local festivals and/or contributing to charitable events, we take great pride in supporting our communities. Our customers are what makes our success possible, and if we can give support locally to show our gratitude, then it is our honor and privilege to do so.”
Traditions Bank
Tim Compton – President and CEO
Traditions Bank opened in 2003 as a consumer-driven community bank serving Cullman County, and surrounding counties within a radius of approximately 35 miles from downtown Cullman.
“Traditions is a very informal, blue-collar organization with a constant goal of building financial bridges with people from all walks of life, with no regard for social or income status, ethnic background, age, gender, profession, etc.,” said Compton.
He said the benefits of banking locally are completely centered around an agility or flexibility factor in the decisions that are made.
“This agility factor is very difficult to duplicate in organizations that cover multiple states or much larger geographic areas,” said Compton.
He continued, “Traditions makes every effort to give back in our community with the goal of simply giving to the people or organizations that will be using 100% of the money for the good of the community. We feel strongly that this philosophy of giving has a more positive local impact than giving to national organizations that are large bureaucracies with organizational expenses that dilute the money given.”
Cullman Savings Bank - www.cullmansavingsbank.com
First Community Bank - www.fcbcullman.com
Premier Bank of the South - www.premierbankofthesouth.com
Traditions Bank - www.traditionsal.com