AuburnBank Has Historic Ties To City

AuburnBank was founded in 1907 and has been a vital part of the city's history. It even saved the Auburn University football team from missing a season.

E.L. Spencer, Jr.'s great-grandfather needed $250 to finish his crop during the Depression. He went to AuburnBank and put up his belongings for collateral.

"He pledged his mules and horse. Robie, Dan, Nell, a cow named 'Baby,' a few calves, his wagon and his harness," Spencer said.

That started a family-business relationship, and now Spencer is chairman of the board. AuburnBank has been a part of the city for 100 years, and it even saved the Auburn University football team after a disastrous 0-10 season in 1950.

"They hired Jeff Beard as athletic director and Ralph 'Shug' Jordan as head coach, but they didn't have the money to field the team. They came into AuburnBank, and AuburnBank loaned the two of them enough money to field a team that fall just on their signatures," said Spencer.

Spencer said he was once asked by a friend from a Fortune 500 company about his business practice.

"He said, 'What makes y'all successful?' I said, 'We answer the phone.' He thought that was profound. I just thought that's what you did," said Spencer.