About Us

Serving the good people of South Carolina since 1933

Arthur State Bank has proudly served South Carolina since 1933. We will continue to uphold the commitment to our customers that began with our founding.

Working and Thriving, Together.

Our History

In early 1933, newly elected President Franklin D. Roosevelt closed all the banks in the United States for a period known as a bank holiday. The purpose of this closing was to give each institution time to evaluate whether or not it was properly capitalized and in proper financial health to remain open. Only one bank in all of Union County was found to be that strong and it was in Jonesville, SC.

In the city of Union, 33 year old Harry M. Arthur went to his father with a problem. He owned a chain of department stores, a chain of hosiery mills, and herds of cattle, but there was no banking facility close at hand. His father, J. D. Arthur, had banking expertise, having been a cashier of a bank before his retirement. Harry Arthur along with his father and two of his brothers formed the Arthur Depository on April 1, 1933. Two years later, the Depository became a Bank and the rest as they say, is history.

Originally guided by the sound principles and humanitarianism of Major General Harry M. Arthur, the bank has prospered and been recognized nationally for its safety and soundness. “Money” magazine has named Arthur State Bank in the past, as one of the hundred safest banks in the United States. More recognition was received when a California writer, completely unknown to the bank, obtained copies of the bank’s quarterly reports to federal regulatory agencies under the Freedom of Information Act. With this information he named Arthur State Bank as one of the twenty-four safest banks in the United States in his book “What To Do When Your Bank Fails.”

Carolina State Bank, formerly called Chesnee State Bank, first opened its doors on August 30, 1932 in Chesnee, SC. It was purchased by the Arthur family during the 1950’s and has become a financial mainstay in the community over the years. A second branch was established in Clinton, South Carolina on October 2, 1997.

In 1934, all the banks in Woodruff, South Carolina had closed because of the depression. On March 1, 1934, General Arthur established the Woodruff Depository in the same building that became the home of Woodruff State Bank. In the 1940s, the Depository Charter changed and the institution became Woodruff State Bank. General Harry M. Arthur was President and Chairman of the Board, a position he held until his death in 1988.

On December 12, 2000, Woodruff State Bank changed its name to Pinnacle State Bank. The bank’s new name was chosen by two customers in a contest to rename the bank. Pinnacle State Bank still remains in the Arthur family and has three locations in Woodruff, SC and one in Roebuck, SC that was established on May 23, 1996. In the Fall of 2003, The Affiliated Family of Banks – Arthur State Bank, Carolina State Bank and Pinnacle State Bank combined their assets and resources to become one financial institution known as Arthur State Bank. Arthur State Bank now operates 18 locations in Union, Spartanburg, Greenville, Lexington, Clinton, Woodruff, Roebuck, Rock Hill, Columbia, and Chesnee.

It was General Arthur’s philosophy that a customer is not an interruption in our work, he is the reason for it. General Arthur taught his bank family the true meaning of these words. He genuinely cared about people and constantly sought ways to provide the financial services needed so the people could prosper. Serving customers throughout South Carolina since 1933, Arthur State Bank continues to operate as one of the state’s oldest family-owned and operated community banks.

Harry Arthur

The General

Harry M. Arthur graduated from the Citadel, the Military College of South Carolina, at the top of his class in 1921. A veteran of World Wars I and II, he devoted a total of thirty-eight years to his country as a citizen soldier. General Arthur received major decorations from both the United States and the Republic of China. He retired as a Major General on October 1, 1959 after a meaningful contribution to the defense of our nation.

General Arthur was a philanthropist and an industrialist. He combined knowledge and unlimited energy to become president of a chain mercantile operation and President of the South Carolina Bankers Association. He was very active with the South Carolina National Guard Association and a recipient of the Distinguished Public Service Award from the South Carolina Department of the American Legion.

As evidence of his great contribution to his alma mater and the credit reflected thereon, The Citadel conferred upon him the degree of Doctor of Military Science at their graduation exercises on May 29, 1965. After establishing Arthur and Woodruff / Pinnacle State Banks then purchasing Chesnee / Carolina State Bank, General Arthur became President and Chairman of the Board of each bank. General Arthur died in February 1988 at the age of 88. Carolina State Bank and Pinnacle State Bank both merged with Arthur State Bank in 2003. All three banks are now known as Arthur State Bank, which is still owned and operated by the Arthur Family.


Arthur State Bank has accounts and services available to meet a variety of financial needs. We offer personal service as well as digital solutions to help you achieve all your financial goals.
Arthur State Bank graphic
Man doing his banking online

AnnualCreditReport.com is the only source for free credit reports authorized by the federal government. Every 12 months, you can get a free copy of your credit report from each agency.

Your credit report has your credit history for all of your credit accounts as well as any credit inquiries and public record court information such as collections. In addition, the report provides personally identifiable information such as your name, address, and employment.

Be sure to carefully review all three reports to identify any problem areas that you may need to clean up prior to applying for a mortgage. If there is any incorrect information, follow the reporting agency’s rules to correct it or add a notation to the report to explain the situation.

Your FICO Score is a score combines data from several areas include payment history, the amount owed, length of credit history, new accounts. Many lenders use this score as a guide. This score is not provided as part of the free annual credit report.

Learn more about how your credit score impacts your ability to secure a loan.


Couple looking over finances

Primary considerations for setting your housing budget require an assessment of your income, debt and current savings for the down payment on the home. The following are generally recommended guidelines; however, you should meet with an Arthur State Bank lender to get personalized mortgage information.


Couple meeting with lender

The pre-qualification/pre-approval letter is included with any offer you make on a house to inform the seller that you have met with a mortgage lender and you are prepared to make an offer. The letter states that based on certain assumptions, the bank is prepared to lend you up to a specified amount of money for a home mortgage.

When choosing a loan officer, we recommend going local to work with someone who understands your community’s real estate market. This blog on first-time home purchases includes questions to ask your lender that may be helpful when preparing for your meeting.

Helpful Resources:


Realtor shaking hands with a client

When a house is sold, the seller typically pays real estate commission to both the listing agent and the selling agent. It is extremely beneficial for the buyer to use their own real estate agent. Loan officers can often recommend selling agents in the area; ask your officer about realtor referrals when discussing your loan.

A good realtor will know the local market and can help you find an ideal home based on your budget, location and desired features. During your search, understand that you will most likely need to compromise on some items, so it’s important to identify your critical needs versus your wants.


Couple searching online for a home

Additionally, when you start with the house search and work backwards, homes can often go off the market while you’re completing steps 1-4. While browsing homes immediately can be tempting, we recommend following these steps in order so that, once you find your dream home, you’ll be well-positioned to take action immediately.

When you find the home you want and you think you are ready to put an offer on it, you will want to make sure you have all the information you need to make a solid offer.

  • Evaluate the neighborhood.
  • Drive by the house at different times of the day.
  • Examine how other houses in the neighborhood are maintained.
  • Consider any potential traffic or other disruptive noise.
  • Is there ample parking for you and visitors?
  • Read the details in any Homeowner Association agreements (HOA fees and rules).

Make sure to do a preliminary check of house details:

  • Check the water:
  • Does it have good pressure?
  • How long does it take to get the water hot?
  • Is it well water or city water?
  • Turn light switches on and off.
  • Open and close doors and windows to make sure they work properly.
  • Review previous utility bill expenses.
  • Consider the property tax bill.


Family meeting with realtor at new house

When writing an offer contract, be sure to pay attention to all of the details.

Offer Price:

Your agent should do a market analysis that pulls data on recently sold comparable houses. The best comparisons will come from the same neighborhood.

If you are asking for the seller to pay some of the closing costs, remember that this cost plus the sales commission determines the net amount you are offering the seller for the house.

Work with your agent on your negotiation strategy. There are many things to consider, such as how badly you want this particular house, whether it is a buyer’s or seller’s market and an assessment of the seller’s motivation to get the property sold.

There isn’t one best strategy.

Be sure to document in writing everything you want included with the house, such as appliances, etc. Your agent should guide you through the contract step-by-step.


  • Home inspection.
  • Mortgage.
  • Final walk through (24 hours prior to closing).

Proposed closing date. Typically, this is 30-45 days from an accepted offer.

A good-faith deposit is required for the offer. This is typically between 1-10% of the purchase price of the house. The deposit is kept in escrow until closing and the money is applied to the purchase price of the house at closing. If the house does not close due to one of the contingency clauses, the buyer receives their money back. However, if the buyer decides not to close on the property, the seller may get the deposit money.

Attach your pre-approval letter to the offer.


Two people in professional meeting

The clock starts ticking for everything documented in the contract, including mortgage application, inspections and closing date.


Woman advising other woman on mortgage application

You will need to decide which mortgage to select prior to the application.

Plan for the following potential fees:

  • Application fee (many banks and mortgage companies charge an application fee; however, there is not an application fee at Arthur State Bank).
  • Credit check.
  • Appraisal (may be paid at closing).
  • Loan origination fee (paid at closing).

Once you have approval for your loan, make sure you don’t change anything that will impact the status of your mortgage. Banks do a final check on credit and jobs just prior to closing, so now is not the time to change jobs or make another purchase on credit such as a car or furniture.


Home inspector going over findings with home owner

Depending on the size of the house, an inspection can cost on average between $300 to $1000.

Many real estate contracts specify how problems uncovered in the inspection will be resolved, up to a certain dollar amount. Should necessary repairs exceed that amount, the buyer has the option to cancel the contract without penalty and receive their deposit money back. Another option is for the buyer and seller to renegotiate who will pay for additional repairs.


Woman happily holding keys to her new home
  • Homeowner’s insurance is required by the lender prior to closing on the loan.
  • Turn on utilities in your name, effective the closing date.
  • Change your address with the U.S. Postal Service.
  • Make moving arrangements.

Three days prior to closing:

  • You should receive your final Closing Disclosure from the closing agency. The final Closing Disclosure shows a column for the seller and a column for the buyer. All closing charges and credits for both the seller and the buyer are documented in the closing statement.
  • Review the closing statement for accuracy prior to coming to closing.
  • The final amount in the buyer’s column shows you the amount of money you need to pay at closing.

The closing office will provide specific payment instructions. Closing funds have become recent targets for cybercriminals. If you are asked to use a wire transfer, call the office and ask to speak to someone you have been working with to double-check the instructions.

Closing day:

In South Carolina, the closing will usually take place at the attorney’s office. Everyone signing for the mortgage must be present to sign the closing paperwork. Make sure you bring the following:

  • Cashier’s check or proof of payment for wire transfer.
  • Driver’s license.
  • Checkbook, just in case there are any additional items that were not on the closing statement.

Be sure to understand this information:

  • How and when you will pay:
  • Your mortgage.
  • Your property taxes.
  • Your homeowner’s insurance.
  • Any HOA dues.
  • Who to call with any questions.

The best practice is to go through the homebuyer’s roadmap in this sequence. However, if you jumped ahead early in your journey, just circle back to address the steps you missed.

Arthur State Bank’s loan officers are closely tapped into local real estate markets and experts at helping clients get what they need on terms that work for them. We also offer mortgage specials for first-time homebuyers.

To start planning your journey to your dream home, try out our mortgage calculator. If you’re ready to talk to a loan officer, contact Arthur State Bank to request personalized mortgage information today. Don’t forget to ask about our first-time homebuyer offer.