About Volunteer Federal
Volunteer Federal Savings Bank is a mutually-owned, state chartered, FDIC-insured community institution, which employs strategies that differ greatly from those of publicly-traded financial institutions. We are not driven by returns on investment or meeting market and stockholder expectations. Instead, we are driven by servicing our community’s financing needs while ensuring and maintaining growth, asset quality, and liquidity. This had been successfully accomplished by adhering to conservative management practices that target steady and controlled growth over the years.
Here at Volunteer Federal, we take pride in offering localized decision-making, ensuring that your financial needs are met by the people who understand you and your community best. Our commitment extends beyond banking – we actively engage in community initiatives, striving to make a positive impact through partnerships and support that reflect our dedication to local growth and prosperity. Our employees are also actively engaged, committing hundreds of volunteer hours annually to make meaningful contributions within their communities.
Our History
For five decades, Volunteer Federal has been providing quality banking services for the Monroe County, Tennessee, area. As Monroe County’s oldest, locally-owned financial institution, we believe banking should be about personal relationships and community. It’s why our customers are more than account numbers; they’re friends!
In 1973, several pioneering businessmen saw the need to provide financing for real estate purchases within Monroe County. Up until this time, there were no local lenders in the area who would make long-term loans. These men saw an opportunity to establish a savings and loan association in Monroe County, for Monroe County. This insightful group included Charles Hall, John Hammontree, Gene Hicks, Stanley Pickering Sr., Bobby Richesin, Charles Sloan, and Kendred White.
In August 1973, Volunteer Federal was organized in a mobile office on Warren Street in Madisonville. It was started with $1.5 million in assets, pledged by the community and the seven founding members, who became the board of directors.
Since receiving its FDIC insurance of accounts in early 1974, Volunteer Federal has grown steadily with each passing year. The bank now operates six convenient, full-service branches in Monroe County—with locations in Madisonville, Sweetwater, Tellico Plains and Vonore.
