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).
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Franklin, N. C.
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