Chambers of Commerce How are local chambers recovering from the pandemic? Page 16-17
December 22, 2021 - January 6, 2022 Vol. 1, No. 15
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WEB EXCLUSIVE Military Business
Renovated Fort Bragg facility hosts BMW education program bizfayetteville.com
Health Care
Blood Donor Center calls on businesses for blood drive needs Page 13
Commercial Real Estate Fayetteville lodging industry is Army strong Page 14
PHOTOS PROVIDED BY LUMBEE GUARANTY BANK
Lumbee Guaranty Bank has seen great success over the past 50 years
Index
Economic Indicators .............................. 3 Publisher’s Notes ................................... 4 From The Experts ................................8-9 Achievers .............................................10 Health Care .........................................13 Commercial Real Estate .......................14 In The News ....................................16-17 Biz Leads ....................................... 20-21
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LUMBEE GUARANTY BANK CELEBRATING 50 YEARS OF SERVING THE COMMUNITY
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umbee Guaranty Bank is going strong 50 years after it was founded, but the company had humble beginnings. "The origination of the bank was essentially due to a group of businessmen in Pembroke, North Carolina, who perceived a need for banking services basically for an underserved population, and at that particular time, that [would’ve] been the Lumbee Indian tribe which the majority of the members of our tribe are locally concentrated here in Robeson County, specifically around Pembroke,” Kyle Chavis, the CEO of Lumbee Guaranty Bank, explained. When people needed banking services, they had to travel roughly 20 minutes east to Lumberton or approximately 20 minutes west to Laurinburg. Leaders in the business commu>>
By Jenna Shackelford
nity saw a need for a local bank, so they approached Southern National Bank, headquartered in Lumberton at the time. Several years later, Southern National Bank merged with BB&T. The bank leadership declined the request to put a branch in Pembroke as they did not believe it was the proper strategy for them at the time. But the need was still there. The challenge created an opportunity for innovation; the businesspeople decided they would explore the option of chartering a bank themselves. Ultimately, they appeared before the North Carolina Commissioner of Banks in Raleigh to ask for a state charter. There were guidelines for them to follow; they had to raise capital, having at least 75 percent of the capital raised from Native Americans in the area, with no more than
$20,000 invested by an individual stockholder. “There were about 750 initial subscribers to the stock who contributed capital,” Chavis explained. “They raised about $670,000 dollars … Today, you’d probably have to raise between ten and 15 million dollars. “So, anyway, they raised that money, and stock was sold literally going door to door,” he continued. “People bought as little as a share for ten dollars. There were a lot of small shareholders initially. That’s really held true throughout the history of the bank.” The bank opened in December 1971. Since then, Lumbee Guaranty Bank has seen tremendous growth, spanning across three counties, opening numerous locations and having a significantly larger customer base. “We are grateful for the support See LUMBEE GUARANTY BANK, page 7