Our Story

The History of Cullman Savings Bank

On October 1, 1887, the Bank was organized by thirty of the original settlers of Cullman, under the original name of “Cullman Building & Loan”. The first president and founder of the bank, G.O. Dinckelberg, devised a plan for each member to deposit a small amount of money into a pool, the members could lend the money to each other until each member constructed their own home. This arrangement would remain until each member had the opportunity to build or acquire their home. The thirty charter members held a total of 130 shares representing an investment of $5,200. On December 3, 1887, the Bank made its first home loan to Peter Winkerbach in the amount of $200.

Cullman Building & Loan was first located in the old Kullman Hall at the corner of 3rd Street and 5th Avenue Southeast. At that time there were no regular office hours so the members assembled each Saturday night for the transaction of business. At the turn of the century, assets had reached $50,000 and the Bank held loans totaling $40,000.

In 1941, the Bank changed its name to “Cullman Savings & Loan” and began regular office hours in the Imbusch Building on the corner of First Avenue and Fourth Street East. Total assets at this time were $136,000. In 1957, the Bank moved to the old Fuller Building on the corner of Second Avenue and Fourth Street East. Assets at that time had increased to over $2,000,000 and there were 800 savings account holders and 367 borrowers. Cullman Savings & Loan moved to its present location at 316 Second Avenue SW in 1970. A branch office in Hanceville was opened in May of 1979. Cullman Savings & Loan converted to a federal savings bank charter and changed its name to “Cullman Savings Bank” on July 1, 1994. A second branch was opened at the intersection of Eva Road and Highway 157 on June 1, 2004.  Cullman Savings Bank’s South Branch, located at 1652 Second Avenue SW, was opened in August of 2013.

In 2002, reflecting the belief that the success of the Bank is enhanced by maintaining close ties with and giving back to the community, the Board of Directors formed Cullman Savings Foundation which merged with Cullman Savings Bank Foundation in 2011.  To date, Cullman Savings Bank Foundation has given over $728,000 back to various community projects including Cullman’s Miracle Field, The Good Samaritan Clinic, Wallace State Community College Future Foundation and many other projects which enrich the community and make it a better place to live.

Cullman Savings Bank formed Cullman Bancorp, Inc. in October of 2009 and sold stock to its depositors.  The stock offering enables the depositors and the community to share in the Bank’s long-term growth and success. 

As of January 1, 2021, the Bank’s assets totaled over 330 million dollars. Cullman Savings Bank has made thousands of loans for the purchase, construction or refinancing of homes in Cullman County, and has paid depositors millions of dollars in interest and dividends.

Cullman Savings Bank is and has always focused on Cullman County exclusively. Most of the Bank’s customers are residents or former residents of Cullman County. Cullman County’s border serves as the Bank’s designated lending area, just as it did in 1887. The directors and employees are proud of the Bank’s history and how it is interwoven into the fabric of the community.

We were there yesterday, we are here today and we will be there tomorrow.