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Bill

S 1116

Kingstree Federal Savings and Loan

2025-2026 Regular Session Introduced by Ronnie Sabb

The bill formally recognizes and commends Kingstree Federal Savings and Loan for its 100 years of service to South Carolina.

Introduced and adopted
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WeVote Research Nonpartisan
Bill Summary · S 1116

Summary of Bill: S.1116 (2025-2026) — Kingstree Federal Savings and Loan

Note: This is a Senate resolution recognizing a local financial institution on its centennial anniversary. It does not appear to enact statutory changes or create new regulatory provisions.

1) Purpose and Intent

  • Purpose: To recognize and honor Kingstree Federal Savings and Loan on the occasion of its 100th anniversary and to commend the institution for a century of business in South Carolina.
  • Nature: A ceremonial resolution acknowledging the long-standing community role of the savings and loan association, rather than a bill that changes laws or introduces new programs.

2) Key Provisions and Provisions’ Effects

  • Recognition: The resolution formally recognizes Kingstree Federal Savings and Loan for its centennial milestone.
  • Commendation: The Senate commends the institution for “a century of business in South Carolina.”
  • Presentation: Directs that a copy of the resolution be presented to the bank’s leadership (President and CEO Conrad Kellahan) as a token of the Senate’s appreciation.
  • Background and Narrative Included: The resolution provides a historical account of Kingstree Federal Savings and Loan, including:
    • Origins in 1926 as Mutual Building and Loan (formed by local community leaders to provide safe savings and home financing).
    • Transition to a federal charter in 1938 and the name change to Kingstree Federal Savings and Loan.
    • Locations and moves (on Academy Street; later to Mill and Academy Streets).
    • Leadership history and context about resilience through major economic events.
    • Appointment of Conrad Kellahan as president and CEO in September 2025.

3) Who and What Is Affected

  • Institution Recognized: Kingstree Federal Savings and Loan.
  • Local Community: South Carolina residents who have relied on the institution for savings and home financing over the past 100 years.
  • Government Bodies: South Carolina Senate, which issues the ceremonial recognition; the resolution is addressed to the bank’s leadership.

4) Procedural and Timeline Aspects

  • Introduction and Action: The bill was introduced and adopted on April 14, 2026.
  • Sponsor: Primary sponsor is noted; co-sponsor is Ronnie Sabb.
  • Status: A ceremonial resolution; does not alter statutes, regulatory frameworks, or funding mechanisms.
  • Effective Date: Ceremonial resolutions typically become effective upon passage; no regulatory or fiscal impact is anticipated.

5) Notable Details

  • Historical context included: The resolution recounts the original formation as Mutual Building and Loan (1926), the 1938 switch to a federal charter, and the change of name to Kingstree Federal Savings and Loan.
  • Financial context: Initial capital cited as $50,000 in 1926 (equivalent to roughly $900,000 in present-day terms).
  • Leadership note: Emphasizes continuity and community focus, highlighting the appointment of Conrad Kellahan as president and CEO in 2025.

If you’d like, I can provide a brief plain-English summary suitable for a press release or a one-page briefing note for constituents.

Compiled from official sources — confirm details with the bill’s official record.

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