03/19/04 — Southern Bank lends money for abandoned church

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Southern Bank lends money for abandoned church

By Bonnie Edwards
Published in News on March 19, 2004 2:03 PM

SEVEN SPRINGS -- Southern Bank is going to lend money to the town so it can buy an abandoned church to serve as the town hall.

Town Hall and the Seven Springs Library are in modular buildings on the hill above the town on the south side of N.C. 55. They've been there since the flood of Hurricane Floyd.

The town board passed a resolution Wednesday night that will be sent in with the loan application. The money will be used to buy the old Seven Springs Baptist Church. The loan won't exceed $40,000, and the 4 percent adjustable interest rate won't go above 7 percent.

"We're doing this just in case the grant doesn't come through," said Mayor Jewel Kilpatrick. The town plans to buy the church for $65,000 and has applied for a grant to help pay for it.

Southern Bank, which is in Seven Springs, was one of three banks that responded to the town with loan offers.

"I think Southern Bank has been so good to us," said Mrs. Kilpatrick, "I don't see how we could go any other way."