Piedmont Building & Loan merged with Mutual Building & Loan to become Piedmont Mutual Building & Loan with $750,000 in assets.
Nicholas Mitchell became Piedmont’s first full-time employee. Prior to that time, Piedmont’s operations were managed by various individuals on a part-time basis.
A.C. Stuart began serving as President. As the Great Depression descended, it was a difficult time for everyone, but due to sound and prudent business management, Piedmont never missed a dividend payment and no one ever lost a single penny of their deposits!