A Man, A Bank And The Growth Of An Area MOSES A OWENS OFFICE E. Main St, Franklin, N.C. For Comfortable Living and Sound Investment Moses & Owens REAL ESTATE P. O. Box 593 FRANKLIN, N. C. 28734 Phone: (704) 524-3185 SUMMER HOMES FARM A MOUNTAIN ACREAGE BUSINESS PROPERTY Exclusive Developers of Gold Mountain Estates In the Bank of Franklin about 1926 (above) are, from left, Dr. S. H. Lyle, board chairman; Henry W. Cabe, cashier; Lee Crawford, president; and George Dean, assistant cashier. IT'S A FAR CRY from the old Boston Ledger penman ship bookkeeping to electronic computer systems, but that's the span covered by Henry W. Cabe during his 54 years with the Bank of Franklin. His un assuming but astute guidance is the chief continuing factor in the bank's development from a small country Institution to its current merger with First Union National Bank, third lar gest in the state. Founded in 1903 by Judge George A. Jones, president, J. G. Siler, cashier /secretary, N. L. Barnard, George H. Bid well, F. S. Johnston (the bank's second president, 1906-U), Daniel Ravennel and J. C. Wright, the Bank of Franklin had an initial capital 1 ration of $10,000 and total resources (as of March 1904) of $57,536.52. A few years later competition briefly appeared, the Macon County Bank, which merged with the Bank of Franklin in 1911 with Jesse S. Sloan as president it was in 1915 that Henry W. Cabe joined the 3-man staff headed by Lee Crawford, cash ier. In 1919, after a leave of absence for World War 1 Calvin Henson Realty Franklin N.C. Phone 524-3710 SUMMER HOMES ? COTTAGES ? BUSINESS PROPERTY ? FARM b MOUNTAIN ACREAGE MOTELS AND DEVELOPMENT PROPERTIES APPRAISALS National Association of Raal Estate Appraisers military service, Cabe became Crawford's assistant, and was promoted to cashier in 1922 when Crawford succeeded to the presidency of the bank. (Jntil some 40 years later when the post of executive vice president was created, the cashier served as the bank's executive officer. In this post, Henry W. Cabe successfully steered the Bank of Franklin through the rough times of the depression in the '30's and the disastrous fire in 1940 which completely destroyed the bank?but did not stop its func tioning. Operations continued in the theatre building, while the bank rebuilt with its own capital. President during this period was W. A. Rogers, who was succeeded by Mark L. Dowdle in 1946, followed by Frank B. Duncan in 1953. Participating in and contri buting to the economic develop ment of Macon County and the surrounding area, the Bank of Franklin has continued to grow steadily and soundly during the past 35 years. By 1963 its in creased operations required larger facilities, and the building was expanded and re modeled into the present hand some, modern structure. The office of executive vice president was also created at this time, and the post was filled by?you guessed it!? Henry W. Cabe, of course. He was also elected chairman of the board of directors, suc ceeding such distingulshedpre decessors as Sam L. Rogers, Sr., Dr. S. H. Lyle, Sr., C. Frank Moody and A.B. (Bert) Slagle. Upon completion of the merger with First Union two months ago (Sept 1969), Henry W. Cabe became city executive and executive vice president of the new First Union National Bank of Franklin, with Frank B. Duncan, vice president; B. J. Corbin, assistant vice-presi dent; Hugh Dowdle, bank systems officer; and Verlon Swafford, chairman of the local board of directors. The Bank of Franklin's fin ancial statement of June 30, 1969 shoved a capitalisation of almost 1700,000 and total re sources In excess of $11 million. This Is Increased a hundred fold by the merger with First Union, whose total resources are In excess of $1 billion. "This means that our Franklin bank is now in a po sition to handle the big loans necessary lor the development of large tourist facilities and industries," Cabe explained, "and this is what our area needs for continued economic growth." PRESENTING The Rondette Exclusive teTuM TUDOR M. HAIL Associates, Inc. Main Street HIGHLANDS, N. C. Phone 526-2141 Typically, Henry W. Cabe is keeping his keen, kindly blue eyes on the future of this area, of which his great-grandfather was one of the early settlers. Not only in his capacity in the. bank but in many other ways Henry W. Cabe's story is ax integral part of the story ol this area's steady growth. He is the only surviving founder of the Macon County Building L Loan Assn., estab lished in 1922, and as its president carried the organi zation through the depression without a loss. He is one of the organizers, former president and currently a director of Western Carolina Telephone Company. Between 1920 and 1940, Henry W. Cabe served 9 terms as alderman and one as mayor of Franklin. He is a charter and stUl active member of the Fontana Regional Library Board, which supplies local and mobile libraries throughout the six western N. C. counties. Since 1930 he has served as treasurer of the First Metho dist Church of Franklin. He Henry W. Cabe is a 50-year member of tbe Masonic Lodge, in which he held office for 17 years, and is one of the earliest still active members of the Rotary Club. Although his hair is white, he is as straight and sturdy and alert as he was in his early twenties, when he started his career 50-odd years ago. When talk of the merger brought speculation that "Mr. Cabe might retire," bank president Frank Duncan re plied with a chuckle, "Retire? You don't know Henry. He'll never retire!" ? E K. At annual N. C. Bankers Conference at Chapel HID in the mid 1930's are, from left, Phillip Woolcott, Bank of A&heville (now board chairman); representative of the Wachovia Bank; Henry W. Cabe, Bank of Franklin (now executive vice-president of First Union); Frank Forsyth, Citizens Bank & Trust Co. (now president); representative of bank of Marshall, N. C.; and Bill Whtttaker, Citizens Bank ti Trust Company (now vice president). For the Finest Cooling and Heating Call 488-3178 or WRITE: RAY WARD , Box 337, Bryson City, N. C. Edco Co. Specialists in FEDDERS Central Heating and Air Conditioning Authorized Tedders Deelers in WNC Licensed Contractors Let us help you get rid of bills with low interest budget loan First Union Notional Bank The Full Service Bank Franklin, N. C. MEMBER FDIC