Question 1

What is Tarboro Savings Bank?

Accepted Answer

Tarboro Savings Bank is a community-focused mutual savings bank located in Tarboro, North Carolina. With approximately $57 million in assets, the bank specializes in residential mortgage lending, serving customers in Edgecombe County and the surrounding Rocky Mount, NC metropolitan area. As a mutually-owned institution, Tarboro Savings Bank is owned by its depositors rather than shareholders, enabling the bank to prioritize customer service and community needs over profit maximization.

The bank operates as a state-chartered savings bank under FDIC regulation and maintains a single branch location.

Question 2

When was Tarboro Savings Bank founded?

Accepted Answer

Tarboro Savings Bank was established on January 1, 1906, though its charter date is recorded as September 22, 1906. The bank was founded during the era when mutual savings institutions were created to provide working-class Americans access to safe savings vehicles and home mortgage financing.

For over 118 years, the bank has continuously served the Tarboro community, maintaining its original mission of providing personal banking services to local residents. The bank received FDIC deposit insurance on August 9, 1989.

Question 3

Where is Tarboro Savings Bank headquartered?

Accepted Answer

Tarboro Savings Bank is headquartered at 501 North Main Street in Tarboro, North Carolina, 27886. The bank's single office is located in downtown Tarboro, the county seat of Edgecombe County.

The institution can be reached by phone at (252) 823-3116 and by fax at (252) 823-0513.

Question 4

Where does Tarboro Savings Bank operate?

Accepted Answer

Tarboro Savings Bank operates exclusively in Tarboro and serves Edgecombe County, North Carolina. The bank is part of the Rocky Mount, NC Core Based Statistical Area.

With just one domestic office, Tarboro Savings Bank maintains deep roots in its local community. The bank describes itself as "the ONLY home-based bank in Tarboro and Edgecombe," emphasizing its commitment to remaining locally owned and operated.

Question 5

What services does Tarboro Savings Bank offer?

Accepted Answer

Tarboro Savings Bank offers traditional banking services with a strong emphasis on residential mortgage lending. The bank's primary services include:

Mortgage Lending: The bank specializes in 1-4 family residential mortgages, which comprise approximately 79% of its loan portfolio. It also provides multifamily mortgage financing, representing about 17% of its lending activities.

Deposit Products: The bank offers savings accounts and deposit products for individuals and families seeking FDIC-insured savings options.

Personal Banking: Traditional banking services focused on serving the financial needs of local community members.

The bank maintains a website at www.tarborosavingsbank.com for information about its products and services. Customers can also contact the bank directly for personalized assistance.

Question 6

What makes Tarboro Savings Bank unique?

Accepted Answer

Several distinctive features set Tarboro Savings Bank apart from other financial institutions:

Mutual Ownership Structure: As a mutually-owned institution, Tarboro Savings Bank is owned by its depositors rather than outside shareholders. This ownership model allows the bank to focus on customer service and community benefit rather than maximizing shareholder returns. The bank's motto, "WHERE PERSONAL SERVICE IS A TRADITION," reflects this philosophy: "We're not profit driven... we're Service driven!!!"

Mortgage Lending Specialization: The bank maintains an exceptionally high concentration of residential real estate loans, significantly above the average for banks in North Carolina. This specialization demonstrates decades of expertise in helping local families achieve homeownership.

Community Banking Focus: With only 6-7 employees and a single location, Tarboro Savings Bank provides personalized, relationship-based banking. As the only locally-owned bank headquartered in Tarboro, it maintains strong ties to the community it has served since 1906.

Conservative Lending Practices: The bank's mutual ownership structure encourages conservative underwriting standards and portfolio lending, where loans are originated and held in the bank's own portfolio rather than sold to third parties.

Question 7

What type of financial institution is Tarboro Savings Bank?

Accepted Answer

Tarboro Savings Bank is classified as a State Savings Bank with mutual ownership. This institutional structure combines several key characteristics:

As a state-chartered institution, it operates under North Carolina state banking law while also being regulated by the FDIC. The "SSB" designation indicates it is a state savings bank, a type of thrift institution historically focused on accepting deposits and making mortgage loans.

The mutual ownership structure means the bank has no stockholders; instead, depositors are the legal owners. This model has historically been associated with conservative management, focus on traditional banking activities, and emphasis on serving depositor interests over maximizing profits.

The bank is classified as a mortgage lending specialist and community bank, qualifying for the FDIC Community Bank Leverage Ratio framework designed for smaller, traditional banks.

Tarboro Savings Bank

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About Tarboro Savings Bank in the United States