Financial Institutions

Banking on the Future
Financial institutions expand to meet needs – and give back to the community

Randall A. Altman says Anderson Brothers Bank’s niche is providing consumer-oriented service.

More businesses and consumers are arriving in Florence County to find a thriving economy backed by a growing number of financial institutions.

“We have 28 different banks and four securities firms, which makes Florence the financial hub of the Pee Dee region,” says Buddy Brand, senior vice president of the AG Edwards brokerage firm.

Since opening its doors in Florence in 1988, AG Edwards has experienced consistent growth while establishing a solid presence in the community.

“Our local economy is very steady,” Brand says. “AG Edwards has averaged 20 percent growth per year over the past 20 years, which is excellent for a market this size.”

With a new branch in the Celebration Center on Cashua Drive, family-owned and -operated Anderson Brothers Bank is expanding to meet the growing county’s needs. The $300 million community bank, founded in Mullins, S.C., in 1933, opened its first branch in Florence in 2003.

“We don’t try to compete with big banks for big commercial loans,” says Vice President Randall A. Altman “However, we do offer everything the big banks offer. We’re finding a niche as a real consumer-oriented bank with outstanding customer service.”

Altman says Anderson Brothers Bank anticipates looking for property to open a third Florence office.

One of the nation’s largest banks, Charlotte, N.C.-based Wachovia, has five locations in Florence County, including a recently rebuilt branch on the site of a former Florence mall. Moreover, Wachovia plans to renovate its downtown office, according to John Bankson, president for the Pee Dee region.

“I’ve been here in Florence County for 10 and a half years, and we have not had a year where we went backwards,” he says. “I’m very optimistic about the outlook for our region’s economy and the prospects for its banking community.”

Bankson adds, “It’s not a cutthroat banking community at all. There are many very intelligent, involved bankers in this region, and that helps make it an even better place to live.”

Winston-Salem, N.C.-based BB&T employs 55 people at three Florence County locations. According to Frank James, senior vice president and city executive of BB&T in Florence, a key goal for the bank is to help strengthen the area’s overall economic health.

Helping the Community

The large number of financial institutions here is a boon not only to local businesses and investors, but also to the community at large.

For example, Brand says AG Edwards actively supports services and nonprofit groups such as the Florence County Library System, Florence Symphony Orchestra, Florence Little Theatre and United Way of Florence County.

Similarly, Wachovia’s banks work collaboratively to support various organizations that boost the quality of life here, Bankson says.

At BB&T, where charitable giving locally has exceeded $550,000, James says the guiding philosophy is that community outreach goes hand-in-hand with business activities. “Our involvement in the economic growth of our community has benefited low and moderate-income families, both small- and medium-sized businesses, nonprofit groups, and single and multifamily construction projects.”

Story by Valerie Pascoe
Photo by Ian Curcio