UNION COUNTY — The first quarter of 2016 was a success for Arthur State Bank which reported more than $800,000 in earnings and assets in excess of $463 million.
In a statement released this week, the bank announced that it completed the first quarter of 2016 with earnings of $824,000. It also stated that the bank’s total assets as of the end of the quarter were $463,222,000. It further stated that “significant bank ratios improved during 2015 and during the first quarter of this year also.”
The report quotes President Carlisle Oxner as saying that “the Bank has achieved the status of being ‘Well-Capitalized’ as per the FDIC guidelines as of quarter-end and we are very proud of this continued improvement to earnings and capital.” He continued his comments by stating that “there are still some very tough challenges facing the entire banking community during the next few years, but there are some very good opportunities also.”
In pursuit of those opportunities, the report states that Arthur State “continues to introduce and enhance some of the bank’s products such as our mortgage lending, mobile banking, remote deposit capture, and our trust services. The trust department continues to be a very strong asset for the Bank. Market value of the Bank’s Trust Assets as of March 31, 2016 was $219,523,797.”
Arthur State Bank has 18 offices in the Midlands and Upstate areas. The Union County branches of Arthur State Bank are at the following locations and can be reached at the following numbers:
• 501 N. Duncan Bypass, Union — 864-466-4590
• 1228 S. Duncan Bypass, Union — 864-466-4580
• 1412 Lockhart Highway, Union — 864-466-457e6
• 100 E. Main St., Union — 864-427-1213
“We are proud of our staff and what we have been able to do over this past quarter and in the previous years, but more importantly we thank our customers for their loyalty and support,” Oxner said.
The press release also reported that the bank plans to re-open, in a new facility, its Pleasantburg Branch Office in Greenville in early August 2016 with additional staff.
Arthur State Bank has been serving the people of Union County since April 1, 1933 when it was established as the Arthur Depository by Harry M. Arthur. According to its website (www.arthurstatebank.com), the bank, “originally guided by the sound principles and humanitarianism” of its founder, “has prospered and been recognized nationally for its safety and soundness. ‘Money’ magazine has named Arthur State Bank in the past, as one of the hundred safest banks in the United States. More recognition was received when a California writer, completely unknown to the bank, obtained copies of the bank’s quarterly reports to federal regulatory agencies under the Freedom of Information Act. With this information he named Arthur State Bank as one of the twenty-four safest banks in the United States in his book What To Do When Your Bank Fails.”
The website points out that Arthur’s philosophy was that “a customer is not an interruption in our work, he is the reason for it and he taught his bank family the true meaning of these words. He genuinely cared about the people of Union County and constantly sought ways to provide the financial services needed so the people could prosper and the county could grow. Arthur State Bank has been in business at the same location since 1933 and plans to stay as long as it can to serve the good people of South Carolina.”
Arthur State’s ability to serve the people of South Carolina new heights in the the fall of 2003 when it and “Carolina State Bank and Pinnacle State Bank combined their assets and resources to become one financial institution known as Arthur State Bank.” This combination allowed Arthur State Bank to expand its service area throughout the Upstate and the Midlands.
Charles Warner can be reached at 864-762-4090 or firstname.lastname@example.org.