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for Banks and banking--Granite Falls
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The Bank of Granite is a home-owned bank with headquarters in Granite Falls. John A. Forlines Jr., president of the bank, took over the bank's management in 1954. Total bank resources at that time were just over $1 million. Today's the bank's capital account totals almost $2 million with resources almost $17 million.
The Bank of Granite grew from one office in Granite Falls in the foothills of Western North Carolina with five employees and $1 million in assets in the 1950s to one with nineteen offices with over 250 employees and $1 billion in assets by the early 2000s. It was solid as a rock, but it failed. Martin discusses reasons for its collapse.