A house RESOLUTION

 

to congratulate Kingstree Federal Savings and Loan on the celebration of one hundred years of service to Kingstree and Williamsburg County and to extend best wishes for continued success in the years ahead.

 

Whereas, Kingstree Federal Savings and Loan was founded in March of 1926, when a group of Kingstree business leaders, headed by Mr. W.H. Welch, saw a need to provide a means for the members of their community to buy homes for their families and to save their hard-earned money in a safe place; and

 

Whereas, records indicate that an earlier for-profit Kingstree Building and Loan had operated in the community but failed in 1925 following the collapse of the Bank of Williamsburg, which resulted in the loss of all of its deposits, including those of Kingstree Building and Loan; and

 

Whereas, determined that the new institution's profits should be reinvested locally, Kingstree business leaders established a mutual structure in which depositors would be the owners and in March 1926, they secured commitments from forty citizens totaling fifty thousand dollars, thereby forming Mutual Building and Loan. On April 1, 1926, the State of South Carolina granted a charter to Mutual Building and Loan with President Thomas McCutchen, Vice President E.E. King, Secretary and Treasurer W.H. Welch, Director and Attorney J.D. O'Bryan, and Directors A.F. McIntosh, J.P. Gamble Jr., S.B. McGill, J.F. Scott, and Donald Montgomery; and

 

Whereas, Mutual Building and Loan experienced steady growth and remained stable even during the Great Depression, when many financial institutions failed. In 1938, the state charter was converted to a federal charter, and the institution was renamed Kingstree Federal Savings and Loan; and

 

Whereas, Kingstree Federal Savings and Loan was first located on Academy Street adjacent to present-day Kingstree Insurance Agency, and in the early 1970s, after fifty years of service, relocated to the corner of Mill and Academy Streets where they are still located today; and

 

Whereas, since its founding in 1926, Kingstree Savings and Loan has endured through seventeen United States presidencies, fifteen economic recessions, including the Great Depression, the Great Recession, and the COVID-19 recession, and twelve major wars, as well as numerous smaller conflicts; and

 

Whereas, for more than one hundred years, Kingstree Federal Savings and Loan has remained steadfast in its founding mission of providing home financing and secure, reliable savings opportunities, proudly serving the citizens of Kingstree and Williamsburg County while continuing to grow and expand opportunities; and

 

Whereas, in September 2025, Kingstree Federal Savings and Loan appointed local resident Conrad Kellahan as president and Chief Executive Officer in recognition of his extensive knowledge of both the community and the banking industry; and

 

Whereas, the members of the South Carolina House of Representatives are thankful to Kingstree Federal Savings and Loan for the century of service and dedication that they have shown to the community of Kingstree and Williamsburg County and extend best wishes for the next one hundred years. Now, therefore,

 

Be it resolved by the House of Representatives:

 

That the members of the South Carolina House of Representatives, by this resolution, congratulate Kingstree Federal Savings and Loan on the celebration of one hundred years of service to Kingstree and Williamsburg County and extend best wishes for continued success in the years ahead.

 

Be it further resolved that a copy of this resolution be presented to president and chief executive officer of Kingstree Federal Savings and Loan, Conrad Kellahan.

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