S 1116

South Carolina General Assembly
126th Session, 2025-2026
Bill 1116
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
A senate RESOLUTION
TO RECOGNIZE AND HONOR Kingstree Federal Savings and
Loan upon the occasion of its one hundredth anniversary AND TO commend it for a
century of BUSINESS in south carolina.
Whereas, the members of
the South Carolina Senate are pleased to recognize Kingstree Federal Savings
and Loan upon its one hundredth anniversary; and
Whereas, in early 1926,
a group of Kingstree business leaders, headed by Mr. W. H. Welch, saw a need to
provide a safe place for local citizens to save their hard-earned money and means
to help them buy homes for their families; and
Whereas, records show
that a for-profit Kingstree Building and Loan had operated in Kingstree earlier
but failed in 1925, when the Bank of Williamsburg failed and lost all its
deposits, including those of Kingstree Building and Loan; and
Whereas, since these
leaders wanted the new building and loan profits reinvested in the community,
they decided that the depositors would be the owners. In March 1926, they
secured commitments from forty local citizens totaling fifty thousand dollars
(equivalent to nine hundred thousand dollars in the present day), forming
Mutual Building and Loan; and
Whereas, on April 1,
1926, the State of South Carolina granted a charter to Mutual Building and
Loan. With capital of fifty thousand dollars and officers President Thomas
McCutchen, Vice-President E.E. King, secretary and treasurer W. H. Welch, directors
A. F. McIntosh, J. P. Gamble Jr., S. B. McGill, J. F. Scott, and Donald
Montgomery, and director and attorney J. D. O'Bryan, Mutual Building and Loan
began serving the Kingstree community; and
Whereas, the Mutual
Building and Loan continued to grow and was stable even during the Great
Depression, a time when many banks failed. In 1938, the state charter was
converted to a federal charter, and the name was also changed to reflect the
new charter; and
Whereas, Kingstree
Federal Savings and Loan was first located on Academy Street next to the
present-day Kingstree Insurance Agency. After the first fifty years, Kingstree
Federal Savings and Loan moved to the corner of Mill and Academy Streets in the
early 1970s, where it is still located today; and
Whereas, since March
1926, when Kingstree Federal was founded, there have been seventeen different presidents
of the United States, fifteen economic recessions including the Great
Depression, the Great Recession, and the COVID-19 recession, as well as twelve major
wars and numerous smaller conflicts; and
Whereas, because
Kingstree Federal Savings and Loan has maintained the founding core principles
of providing home financing and strong, stable savings accounts, it has weathered
all these storms and continues to grow with open doors; and
Whereas, Kingstree
Federal Savings and Loan appointed local resident Conrad Kellahan as the president
and CEO in September 2025. With his wealth of knowledge of the Kingstree
community and the banking industry, the next hundred years look even brighter;
and
Whereas, the members of
the South Carolina Senate greatly appreciate the dedication and commitment that
Kingstree Federal Savings and Loan has shown in serving the people and the
State of South Carolina.  Now, therefore,
Be it resolved by the Senate:
That the members of the
South Carolina Senate, by this resolution,
recognize and honor Kingstree Federal Savings and Loan upon the occasion of its
one hundredth anniversary and commend it for a century of business in South
Carolina.
Be it further resolved
that a copy of this resolution be presented to the president and chief
executive officer of Kingstree Federal Savings and Loan, Conrad Kellahan.
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This web page was last updated on April 14, 2026 at 12:39 PM