Arthur State Bank
In early 1933, newly elected President Franklin D. Roosevelt closed all the banks in the United States for a period known as a bank holiday. The purpose of this closing was to give each institution time to evaluate whether or not it was properly capitalized and in proper financial health to remain open. Only one bank in all of Union County was found to be that strong and it was in Jonesville, SC.
In the city of Union, 33 year old Harry M. Arthur went to his father with a problem. He owned a chain of department stores, a chain of hosiery mills and herds of cattle, but there was no banking facility close at hand. His father, J. D. Arthur, had banking expertise having been a cashier of a bank before his retirement. Harry Arthur loaned funds to his father
and two of his brothers then put in an amount himself to form the Arthur Depository on April 1, 1933. Two years later, the Depository became a Bank and the rest as they say, is history.
Originally guided by the sound principles and humanitarianism of Major General Harry M. Arthur, the bank has prospered and been recognized nationally for its safety and soundness. "Money" magazine has named Arthur State Bank in the past, as one of the hundred safest banks in the United States. More recognition was received when a California writer, completely unknown to the bank, obtained copies of the bank's quarterly reports to federal regulatory agencies under the Freedom of Information Act. With this information he named Arthur State Bank as one of the twenty-four safest banks in the United States in his book What To Do When Your Bank Fails.
It was General Arthur's philosophy that a customer is not an interruption in our work, he is the reason for it and he taught his bank family the true meaning of these words. He genuinely cared about the people of Union County and constantly sought ways to provide the financial services needed so the people could prosper and the county could grow. Arthur State Bank has been in business at the same location since 1933 and plans to stay as long as it can to serve the good people of South Carolina.
In the Fall of 2003, The Affiliated Family of Banks - Arthur State Bank, Carolina State Bank and Pinnacle State Bank combined their assets and resources to become one financial institution known as Arthur State Bank. Arthur State Bank now operates 17 locations in Union, Spartanburg, Greenville, Laurens, Richland and York Counties.
Carolina State Bank
Carolina State Bank, formerly called Chesnee State Bank, first opened its doors on August 30, 1932 in Chesnee, SC. It was purchased by the Arthur family during the 1950's and has become a financial mainstay in the community over the years.
Carolina State Bank is headquartered in Chesnee, South Carolina. A second branch was established in Clinton, South Carolina on October 2, 1997. Both branches are fully insured by the FDIC and offer local residents a complete line of banking services.
On September 26, 2003, Carolina State Bank combined with Arthur State Bank to become one united institution under the Arthur State Bank name.
Pinnacle State Bank
In 1934, all the banks in Woodruff, South Carolina had closed because of the depression. On March 1, 1934, General Arthur established the Woodruff Depository in the same building that became the home of Woodruff State Bank. In the 1940s, the Depository Charter changed and the institution became Woodruff State Bank. General Harry M. Arthur was President and Chairman of the Board, a position he held until his death in 1988.
On December 12, 2000, Woodruff State Bank changed its name to Pinnacle State Bank. The banks new name was chosen by two customers in a contest to rename the bank. Pinnacle State Bank still remains in the Arthur family and has three locations in Woodruff, SC and one in Roebuck, SC that was established on May 23, 1996.
On October 17, 2003, Pinnacle State Bank combined with Arthur State Bank to become one united institution under the Arthur State Bank name.