ROSEBORO — The long wait is over. A new bank is coming to the town.
That news came last Tuesday when Mayor Alice Butler announced that KS Bank out of Dunn will be opening a branch at 201 E. Roseboro St. in the coming months. Roseboro has been without a bank in its municipality since 2022, and the physical bank will provide a wealth of resources to the town, she noted.
Mayor Butler described how ecstatic she was for KS Bank to come to Roseboro, and stressed how great a financial move this would be for the town. She also emphasized the importance of the town and its citizens showing their support for the financial institution once it arrives.
“They need to know people are serious“ Butler said during the meeting. “KS Bank has asked the town and different businesses to move money into accounts at their institution, to show that we’re going to show up and support KS Bank,” she shared.
In an effort to show KS Bank that coming to Roseboro is an advantageous move for the organization, the mayor asked board members to pass a resolution to move portions of the town’s money from its current cash management accounts. She emphasized that the interest rate would be higher, and that there would be more insurance coverage for the funds. “Mr. Earl Worley is the president of the bank, and he guaranteed an interest rate of 3.7 percent for four months,” the mayor emphasized, “which is higher than the current interest rate of three 3.5 percent.”
In addition to a higher interest rate, KS Bank also provides additional insurance coverage for funds in its accounts. Per the FDIC, any money over $250,000 is not insured, but KS Bank has a policy called ModernFi, which moves funds over $250,000 to other banks, allowing those funds to be insured as well.
Butler reminded the board how conservative their current financial institution is, and how this change will allow economic growth for the town. The mayor asked the board to move money from several cash management accounts, totaling $2.4 million. “They know we aren’t moving our checking until they get here,” she noted
Commissioner Bridgette Henry motioned to pass the mayor’s request, and the vote was unanimous.
Town attorney Sandy Sanderson said this is a “good move … good for the town.”
Butler said Crumpler Plastic Pipe’s Chip Crumpler, also a Sampson County commissioner, was instrumental in getting the bank, and that Crumpler Plastic Pipe bought the Truist building and has been holding it, so a new, physical bank would be possible.
KS Bank has been in business since 1924, and the Roseboro branch will open in a few short months. Having a physical bank is important for many reasons, town officials said, noting that would include proximity for face-to-face services, and opportunities for local financial education and literacy events. All demographics of Roseboro will be served better with the return of a physical bank, they said.