Bank of Salem History
Bank of Salem was organized and incorporated in December 1908 with stockholders: B.H. Castleberry, Rex Castleberry, J.L. Short, Harry Pickren, George T. Humphries, H.J. (Race) Humphries, C.W. Dixon, J.A. Sigler, and J.A. Watson.
Since 1908, the following people have served as president of the bank: B.H. Castleberry (1908-1919), George T. Humphries (1920-1921), G.T. Cunningham (1922-1924), H.A. Northcutt (1924-1927), Rex Castleberry (1927-1957), Jim Humphries (1957-1982), Frank B. Burge (1982-1992), James Burns (1992-1993), and Mark H. Montgomery (1994 to 2020). Andy McCandlis currently serves as the President and Chief Executive Officer.
Smith Associated Banking Corporation (SABCO) of Hot Springs, purchased the bank in 1982. The present Board of Directors include Mark Montgomery (Chairman), Dwayne Plumlee (Secretary), Andy McCandlis, Guy “Buck” Smith, Jim Short, John Ed Welch, and Karrol Fowlkes.
In 1908, Bank of Salem was located on the north side of the Court Square in the embossed tin front building which later became Short’s Hardware and then Aid True Value. In 1919, Bank of Salem moved to a new native stone structure on the Northeast corner of the Square where Welch, Couch, and Company is presently located. In 1965, Bank of Salem moved to its present location, just off the Court Square on Church Street. In 1982, the bank opened its first branch facility at Viola and in 2004 opened a branch in Mammoth Spring.
Bank of Salem also owns an independent insurance agency, Sabco Insurance Agency. Sabco Insurance is located next door to the bank on Pickren Street. Sabco Insurance President, Terry Harris, is located inside the lobby at the Bank of Salem. Sabco Insurance employees four full-time licensed insurance agents.
Security Bank History
Right after WWII, a young ambitious veteran had a dream. Through a GI loan, he borrowed $5,000 and started Stephens Security Bank. It was the only bank in US History that was financed by a GI loan. Stephens Security Bank opened its doors on April 1, 1946 with the simple philosophy that “people in Southwest Arkansas work hard and it’s our duty to provide the customer service necessary to protect their hard work”.
For over 60 years Security Bank is one of the few family owned institutions that still carries on this pioneer spirit and tradition of leadership. We take great pride in the fact that we have become one of the most dependable banks in Southwest Arkansas and we wish to thank all of our past, present, and future customers for their business.