A look back on the Banking Industry 50 years ago.
The Bank celebrated its Golden 50th Anniversary in October of 1970. Since the 25th anniversary, the Bank had made renovations to the building and W.H. Pundt took over as Bank President.
Hallmark moments in 1970 banking included:
- September 2, 1970 marked the one-year anniversary of the first atm opening.
- Congress chartered the Federal Loan Mortgage Association (Freddie Mac) to provide capital to finance U.S. Housing.
- Automated Clearing House InterBank Payment System, a private company, was created to clear checks.
- The Bank Holding Company Amendments (BHCA) of 1970 were passed, requiring the Federal Reserve Board’s approval for the establishment of a bank holding company.
Today, SouthStar Bank continues to evolve and expand with the renovation of our Moulton Headquarters.
We will celebrate our 100th Anniversary where it all began on October 21, 5:00-7:00PM.