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Friday, May 6, 2016

Bank of Salem to open branch bank in Mammoth Spring

Thursday, August 7, 2003

Mark Montgomery, president and CEO of the Bank of Salem, has announced the Bank of Salem will open a full service branch bank in Mammoth Spring. Montgomery explained that with the growth the Bank of Salem has experienced in the past few years, it was time to put in a branch in the northeast part of Fulton County for the convenience of the customers in the Spring River area.

The Mammoth Spring Bank will be located in the old Post Office building at 465 South Main. As soon as the post office moves to its new facility, the bank will begin adding a drive-through window and ATM and make some changes to the inside.

The bank will offer a full line of banking services including conventional loans, long-term loans, fixed rate financing, certificates of deposit, IRAs, savings and checking accounts, drive-through window, ATM, travel club services and an in-house insurance agent.

The Bank of Salem, established in 1908, is celebrating its 95th anniversary this year. Many changes have come through the years with the growth of the area. In 1933 the Bank of Salem's assets were $88,294; in 1984 the asset size had grown to $36,903,000; and currently the asset size of the bank is $101,500,000.

The Bank of Salem's main office is in Salem. It opened a branch bank at Viola in 1982. The bank has three ATMs -- at the main bank in Salem, at T&K Convenience Store in Gepp and at Glencoe Junction store at Glencoe. It plans to add two additional ATMs at the branch banks in Mammoth Spring and Viola.

Montgomery said he looks forward to working with the people of Mammoth Spring and the surrounding area.

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