Southern Bank is a bank based in Mount Olive, North Carolina . It is a wholly owned subsidiary of Southern BancShares (N.C.), Inc., a bank holding company .
16-573: The company operates 64 branches in North Carolina and Virginia . Southern Bank was originally founded on January 29, 1901, as The Bank of Mount Olive. The bank changed its name to Southern Bank and Trust Company on March 1, 1967, to reflect a more regional presence. The Home Office of the Bank is located at 116 East Main Street, Mount Olive, North Carolina. Southern BancShares (N.C.), Inc.,
32-800: A demand account with a bank teller , financial advice through a specialist, safe deposit box rentals, bureau de change , insurance sales (where it is allowed by law), etc. In the early 21st century, features such as automated teller machines (ATM), telephone and online banking , allowed customers to bank from remote locations and after business hours. This has caused financial institutions to reduce their branch business hours and merge smaller branches into larger ones. Conversely, they converted some into mini-branches with only ATMs for cash withdrawal and depositing; computer terminals for online banking and cheque depositing machines. Some mini-branches may have one or no human staff with only telephone support. Some financial institutions, in an attempt to show
48-636: A bank holding company from engaging in most non-banking activities or acquiring voting securities of certain companies that are not banks. The interstate restrictions of the Bank Holding Company act were repealed by the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA). The IBBEA allowed interstate mergers between "adequately capitalized and managed banks, subject to concentration limits, state laws and Community Reinvestment Act (CRA) evaluations." In
64-440: A friendlier image, offer a boutique or coffeehouse -like environment in their branches, with sit-down counters, refreshments, interactive displays, music and play areas for children. Some branches also have drive-through teller windows or ATMs. Other financial institutions reduce their costs and position their offerings by having no branches and are sometimes known as virtuals or direct banks . Historically, branch banking in
80-578: A means to deliver banking services such as automated teller machines , videoconferencing , and video banking systems. A type of foreign bank that is obligated to follow the regulations of both the home and host countries, operating in the country. regulated by the Office of the Superintendent of Financial Institutions. Bank Holding Company Act of 1956 The Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841 , et seq. )
96-612: Is a United States Act of Congress that regulates the actions of bank holding companies . The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company and that bank holding companies headquartered in one state are banned from acquiring a bank in another state. The law was implemented, in part, to regulate and control banks that had formed bank holding companies to own both banking and non-banking businesses. The law generally prohibited
112-485: Is a retail location where a bank , credit union , or other financial institution (including a brokerage firm ) offers a wide array of face-to-face and automated services to its customers. During the 3rd century banks in Persia (now Iran ) and in other territories started to issue letters of credit known as Sakks, basically checks in today’s language, that could be traded in cooperative houses or offices throughout
128-622: Is not a problem since private equity firms are not banks. On September 23, 2016, the Federal Reserve Board of Governors (Board) issued a Notice of Proposed Rulemaking concerning whether to impose new restrictions on the activities of banks related to physical commodities. The proposed rule would: Additionally under a report was issued pursuant to Section 620 of the Dodd-Frank Act . (620 Report), which includes recommendations for legislation to repeal several current authorities for banks to engage in physical commodities activities. Under
144-457: The Bank of America . Historically, branches were housed in imposing buildings, often in a neoclassical style of architecture . Today, branches may also take the form of smaller offices within a larger complex, such as a shopping mall . Traditionally, the branch was the only place to access a financial institution's services. Services provided by a branch include cash withdrawals and deposits from
160-579: The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 . Research has also found that anticompetitive state provisions restricted out-of-state growth when those provisions were more restrictive than the provisions set by the Interstate Banking and Branching Efficiency Act or by neighboring states. Some states have also had restrictive bank branch laws; for example, Illinois outlawed branches (other than
176-595: The United States , financial holding companies continue to be prohibited from owning non-financial corporations in contrast to Japan and continental Europe, where this arrangement is common. Private equity firms, which solicit funds but are not classified as banks and, more importantly, are not backstopped by the Federal Deposit Insurance Corporation, may acquire large ownership positions in a number of non-bank corporations. That
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#1732780560938192-518: The Persian territories. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon which is located in France had 43 branches of Italian banking houses alone. The practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini , then head of
208-838: The United States—especially interstate branch banking—was viewed unfavorably by regulatory authorities, who correctly foresaw the risk of banks becoming too big to fail . This regulatory hostility was codified with the enactment of the McFadden Act of 1927, which specifically prohibited interstate banking. Over the next few decades, some banks attempted to circumvent McFadden's provisions by establishing bank holding companies that operated so-called independent banks in multiple states. To address this, The Bank Holding Company Act of 1956 prohibited bank holding companies headquartered in one state from having branches in any other state. Most interstate banking prohibitions were repealed by
224-489: The constitution was amended to permit banks to have unmanned ATMs in the county of their domicile. The prohibition on bank branches existed until 1986. These are typically branches located in a retail space such as a grocery , shopping malls or discount store . They may be full-service branches or limited service branches. They generally do not include drive-through teller windows or safe deposit boxes. These branches may have limited staff and typically include technology as
240-558: The main office) until 1967, and did not allow an unlimited number until 1993. Texas has historically heavily restricted the operations of banks. Although Dallas-area Docutel was an early ATM manufacturer, the state's banks did not purchase them until Texas Attorney General Crawford Martin ruled in August 1971 that ATMs did not violate the Texas Constitution's prohibition on bank branches. In 1980 Article XVI, Section 16, of
256-497: Was founded and established as the holding company of Southern Bank on January 1, 1983. In 2011, the company acquired the assets and liabilities of the failed Bank of the Commonwealth. On February 1, 2016, the bank merged with Heritage Bankshares. This United States bank–related article is a stub . You can help Misplaced Pages by expanding it . Branch (banking) A branch , banking center or financial center
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