The Southern Bank Company
The Southern Bank Company ("SoBanCo") is a financial institution located and headquartered in Gadsden at 201 South 6th Street. The bank started life as a mutually held Savings and Loan Association in 1936.
First Federal Savings and Loan Association of Gadsden was formed out of the Alabama City Bank in Alabama City to provide customers with more competitive and favorable interest rates on home loans. First Federal was originally located on Gadsden's Broad Street and in 1969 the association moved to their current Greek/Colonial Revival style building on South 6th Street.
First Federal of Gadsden at one time was one of the largest and most secure Savings and Loan Associations in the South. The association was able to navigate the S&L Crisis of the 1980s and early 1990s untouched.
In 1995 the association voted to convert from a mutually held association to stock. With the conversion the Savings and Loan was converted to a bank. The holding company formed for the conversion is Southern Banc Company with the symbol SRNN.
In 2000 First Federal changed its name to The Southern Bank Company to cut down on the confusion thought to exist between the holding company's name and the name of the bank.
The bank has three branch offices in Guntersville, Albertsville and Centre. It is a full service bank and is FDIC insured.
Current officers
- Gates Little, President/CEO
- Peggy Smith, Secretary/Treasurer
Past officers
- James Little, Jr, President/CEO
- Ruth Perkins, Vice President
- Margaret K. Stewart, Secretary/Treasurer