Our History
Click Here to View a Timeline of Fidelity Bank's Historic
First 100 Years
The Beginning
“We had placed our confidence in our customers; they placed theirs in us.”
Robert Prince, President (1945 -1969)
The town of Fuquay Springs, North Carolina was incorporated in 1909. That summer,
on June 16th, a group of local pioneering businessmen came together to create a
financial institution to serve the growing town. Capitalized with $7,500 from investors
across the region, The Bank of Fuquay opened for business on August 10 in a one-room
office. The Bank of Fuquay was the foundation of what today is called Fidelity Bank.
Mr. K.B. Johnson was named the Bank’s first President and during the first months
of operation, a new building was constructed. For the first six years, a single
associate, Eugene Howard, handled all of the bank’s business with the community.
In 1914, the capital stock was increased to $10,000 through public subscriptions.
Good profits were realized throughout the years and by 1921, capital had increased
to $20,000.
Robert Prince was hired in November 1922. Fresh out of high school, he had worked
carrying mail to the train station and recalls that, “The Cashier of the Bank of
Fuquay called me from the sidewalk to inquire if I was interested in working for
the bank.” Prince accepted and supplemented his salary of $60 per month by performing
janitorial duties at the bank for an extra 25 cents a day. At the age of 24, Prince
was the youngest cashier in the state. He retired, as President, 47 years later.
The Early Years
“Dad felt like all his employees were family; he felt responsible for them. He was
also determined that no one would default and hurt their credit. I remember that
I’d ride with him all over the county when he went to visit people to see if there
wasn’t some way to work out payment.”
Faye McGinnis, daughter of J. Edgar Maness
In June 1920, another bank was following a parallel path as that of the Bank of
Fuquay. Firmly rooted in the community, the Bank of Biscoe was devoted to growing
small business, and intent upon providing a stable financial presence.
J. Edgar Maness was hired at the Bank of Biscoe in 1927. That same year, the Bank
of Fuquay had three employees and Fuquay Springs had just paved its first street.
Mr. Maness’ dedication to the Bank of Biscoe lasted 36 years and included chasing
down bank robbers and assuming personal responsibility for a sizeable bad check
he cashed during the depression. Maness also allowed for the idiosyncrasies of customers,
such as the gentleman who firmly believed that it was good luck to make a deposit
on the first day of the New Year. Though the bank was closed, Maness accepted the
deposits each year at his home.
The Depression
On March 4, 1933, when The Great Depression crisis came and President Roosevelt
issued a proclamation declaring a national banking holiday, the Bank of Fuquay was
transacting business in a normal way, although thousands of banks throughout the
nation had met with misfortune and placed restrictions upon deposits. The Bank observed
the rules of the Bank Holiday but sought opportunities to release funds to provide
for the needs of the depositors. The Bank of Fuquay received state License No. 14
to reopen after the Bank Holiday and resumed business as usual the day after the
Federal Reserve Banks reopened.
The Bank of Fuquay celebrated its 26th birthday on August 9, 1935 with a banquet
at the Ben Wiley Hotel, a local landmark at the time. The Commissioner of Banks,
Gurney P. Hood, was a distinguished guest, and complemented the progress of the
Bank. The guest speaker was Carl Goerch, humorist and editor of The State Magazine.
In late 1936, a new vault door was installed. It weighed 11 ½ tons. Five men from
the Mosler Safe Company worked five days and nights to install the door. The Bank
ran a full page advertisement in The Independent newspaper on January 8, 1937 inviting
the public to see the new door. The response was immediate and widespread. The vault
door became a regular stop for school tours. The vault door is still in use, the
intricate works and engraving unchanged by the years.
The Middle Years
Fire has threatened the Bank of Fuquay on two occasions. On March 7, 1946, fire
broke out in the adjacent building which at that time was the Proctor-Barbour Company
workshop. Although the fire was intense, the Bank was saved by the high fire wall
on the south side of the building. During the fire, president of the Bank, Robert
Prince, was making plans to open temporary banking facilities the next morning in
his home so customers would have a place to do their banking business.
Prince ensured the availability of services to customers not only when fire closed
the Bank’s building on Main Street in 1946, but throughout the Depression as well.
He instituted agricultural aid programs for farmers and regularly placed large ads
in local papers featuring the Bank’s associates. For years, his holiday letters
to associates, customers, and even world leaders gave thanks and reflected on the
Bank’s progress.
Golden Anniversary
“I am mighty glad to participate in this observance of the Bank’s Golden Anniversary.
I first visited the Bank of Fuquay in 1910. I have been one of its friends ever
since.”
L.H. Beck, Sales Supervisor of the Fuquay Springs Tobacco Market
In 1959, the Golden Anniversary of the Bank celebrated fifty years of service to
Fuquay Springs. A celebration event was held on May 19th and 20th and was attended
by hundreds of people.
The Bank of Fuquay and the Bank of Biscoe remained strong during and after the Depression.
Assets grew, and each began to serve neighboring towns through branch offices. It
was in the 1940’s that the Robert P. Holding family of Smithfield, North Carolina
purchased an interest in both banks. Robert Holding, Jr. went to work at the Bank
of Fuquay and eventually served as its President and Chairman of the Board. Under
his leadership and through the Bank’s growth and desire to reach more people, the
first branch office was opened in Cary in March of 1952.
The Merger
“They were everything. Where you kept your life savings, cashed your check, bought
your home. The people at Fidelity have been community leaders. They are known for
helping people at every station in their lives, personal or professional. The town
and the Bank have grown up together.”
Koka Booth, former Mayor of Cary (1987 – 1999)
On June 1, 1970, The Bank of Fuquay and the Bank of Biscoe merged and changed its
name to “The Fidelity Bank”. By combining the financial and human resources of the
two small banks, automation of services became possible. Lending ability increased,
as well as expansion into new communities. The new Fidelity Bank served a diverse
group of businesses, both agricultural and industrial, and its financial stability
was strengthened. The new bank served six towns.
Fire again threatened the bank on March 1, 1977. While the entire front of the block
burned, the Bank was again saved by high fire walls.
That same year, Robert Holding, Jr. encouraged and helped plan the new home office
of Fidelity Bank in Fuquay-Varina and subsequently retired in 1977 when Billy Woodard
became President. Unfortunately, Robert Holding, Jr. died in 1979 before the building
was completed. Robert Holding Jr.’s brother, Lewis R. Holding, organized Fidelity
under a holding company in 1988. Lewis Holding also encouraged Fidelity’s board
of directors and management to look beyond the day-to-day financial activities of
the bank and anticipate ways to grow with customers’ needs and associates’ talents.
Today
“The communities we serve each have a unique character. They represent that which
is identified as the heartland of America. We want to help maintain those values.”
Billy T. Woodard, President (1977 - 1997)
Since the beginning, the unique character of Fidelity Bank was created and has been
nurtured through conscious effort and leadership that places a premium on trust,
relationships, and fiscal responsibility.
Today, Fidelity Bank serves 69 locations in 26 counties in two states and currently
has more than $1.5 billion in assets. The bank employs more than 450 people and
leading the way is the current President and CEO, Mike Whitley. The Bank’s roots
are in small towns and communities that have nurtured Fidelity Bank throughout the
years. We believe in the communities that we are privileged to serve and it is our
desire to see them grow and prosper.
Tomorrow
Looking forward, we will maintain our culture of sound credit quality and a strong
capital base. These two areas are critical as we make plans to grow into the next
100 years. During the past, we have seen our primary customer base evolve from agriculture
to consumer to small business. The future will likely bring more changes in the
demographics of our customer base and their needs. These changes will be both challenges
and opportunities; and the way we anticipate and respond will determine our success.
As we respond to the changes of the future, we will always provide our customers
with the exceptional customer service that they deserve.
We are proud of our heritage, but it takes a lot more than history to have come
this far. It requires a foundation of trust, based on a century of solid banking
service and a tradition of sound financial principles to achieve the status of one
of the safest and most sound banks in the United States.