Members of the Mount Gilead Savings and Loan Association made it official last night (Nov. 7, 2013). The venerable financial institution, chartered in 1914, will dissolve after more than 99 years of operation.
Association President Albert Johnson moderated the meeting last night, attended by dozens of members who have money on deposit with the savings and loan. The membership approved two proposals that will officially close the association. One of them adopts a plan to liquidate the assets and distribute the proceeds to members and various charitable causes, and the other appoints Johnson and long-time Savings and Loan employee Carol Blake as the official liquidators to oversee the process.
The Town of Mount Gilead will receive the association’s property and building on N. Main St. for use as a new town hall. Receipt of the gift – contingent on the membership vote – was approved by Mount Gilead Town Commissioners in October.
Most members had already returned ballots by mail, though a handful cast their votes at last night’s meeting. Attorneys from the firm of Wyrick Robbins in Raleigh oversaw the process, and the results were announced during the meeting.
Albert Johnson and Carol Blake expressed their appreciation for the opportunity to have served the community.
Board of Directors member Jack Jordan expressed sadness over what he sees as the changing times having claimed another small business. In his remarks, Jordan also honored some others who worked many years for the association, including Bruce Meacham and the late Albert McAulay.
In its most recent report to federal authorities, Mount Gilead Savings and Loan had $11.1 million on deposit. Plans call for a transfer of active loan accounts to Home Savings Bank of Albemarle.