CULLMAN – Towering over the city of Cullman stands a wonderful piece of the community’s history, Cullman Savings Bank. The bank was originally known as Cullman Building & Loan and was first organized in October of 1887.
With humble beginnings, it started with 30 original settlers of Cullman, including its founder and first president, Mr. G.O. Dinckelberg.
A very smart man, Mr. Dinckelberg had a brilliant plan; if each of the 30 members deposited a small amount of money into the bank, then the money could then be loaned to each other until every member could construct their own home.
The arrangement remained intact until each of the 30 members had an opportunity to either build or purchase their homes.
The 30 charter members held a total of 130 shares representing an investment of $5,200.
On December 3, 1887, a month after it’s beginning, the bank made its first home loan to Mr. Peter Winkerbach in the amount of $200. The bank was first located at the corner of 3rd St. and 5th Ave. SE in the old Cullman Hall.
Believe it or not, there were no regular office hours and the members assembled each Saturday night for the transaction of business at that time.
At the turn of the century, assets had reached $50,000 and the bank held loans totaling $40,000. The bank first changed its name to Cullman Savings & Loan in 1941 and had begun holding regular office hours.
Along with the name change, it also moved into the Imbusch Building, which was on the corner of 1st Ave. and 4th St. E. The total assets were $136,000 that year.
In 1957, the bank changed locations again and moved to the Fuller Building.
It was located on the corner of 2nd Ave. and 4th St. E. Assets at that time had grown to over 2 million, with 800 savings account holders and 367 borrowers.
The final move to their present location at 316 2nd Ave. SW was in 1970. Nine years later, in May of 1979, a small branch office was opened in the town of Hanceville.
Cullman Savings & Loan converted to a federal savings bank charter and changed its name to Cullman Savings Bank on July 1, 1994. A second branch was opened in June of 2004. It is located at the intersection of Eva Rd. and Hwy. 157.
A third branch was opened at the intersection of 2nd Ave. and Cherokee Ave. in August of 2013.
Since 1887, Cullman Savings Bank been going strong and has made thousands of loans for the purchase, construction or refinancing of homes throughout Cullman County.
In addition, it has paid depositors over 100 million dollars in interest and dividends.
Cullman Savings Bank has always been associated with Cullman County exclusively. Nearly all of its customers are either residents or former residents of Cullman County.
The county’s border still serves as the bank’s designated lending area boundary line – just as it did in 1887.
The historic bank has successfully interwoven itself into the fabric of our community and continues to be one of Cullman’s local treasures.
