Aiken-based Security Federal Bank held a ribbon-cutting ceremony to celebrate its years-long restoration of 1109 Broad St.
The building, which was originally constructed in 1924 as a branch for Georgia Railroad Bank and Trust, will now serve as the 19th branch for Security Federal, which has about $1.1 billion in total deposits.
“[The building and grounds] are an investment in the history and the future of Augusta,” said Security Federal president Phil Wahl at the event on Tuesday afternoon.
The project is a sign of confidence from Security Federal that Augusta’s downtown will continue to attract new residents and businesses, said Margaret Woodard, executive director for the Downtown Development Authority.
“In the past couple of decades, we’ve watched banks leave downtown,” she said. “They’ve gone out to the suburbs where the population has moved to better serve their customers.”
Wahl, a native Augustan, said he had long admired the building at the intersection of Broad Street and 11th Street. In mid-2017, he approached its previous tenant, the Augusta Genealogical Society, and started the conversation that would lead to the bank closing on the building in March 2019.
In late 2021, construction started with the reversal of much of the 1946 renovations, which installed a central HVAC system but compromised the “arched windows, heavy moldings and other ornate design elements,” Wahl said. The architect on the project was Cameron Scott with Cheatham Fletcher Scott and the builder was Allen-Batchelor Construction.
Over the next year, the team installed a new roof, restored the original ceilings and put in new electrical wiring, new plumbing, a high-efficiency HVAC system and new windows, he said.
“Please notice the detailed workmanship,” Wahl said. “The heavy plaster moldings and the interior column accents. Expert plaster craftsmanship was needed to restore them to their original 1924 condition.”
The original 1924 marble floors were preserved and have been restored in the branch, while the center lighting fixtures were repurposed from the 1947 air vents, Wahl said. The dark wood finish seen throughout the building is similar to what was used in 1947, he said.
The large vault on the first floor is original to the 1924 bank branch and “works like it was new,” Wahl said.
The two drive-thru lanes to the right of the main building were first used in 1951 but have been updated with video screens and mosaics that feature the Augusta Riverfront and skyline.
On the grounds, the bank’s team reconstructed the fountain that was first built in 1951 and moved it closer to Broad Street for the enjoyment of pedestrians, Wahl said.
The branch in Augusta’s central business district will serve downtown Augusta and the Cyber District. There will be four employees plus Wahl at the location.
Security Federal, founded in 1922, is the only bank headquartered in the Augusta-Aiken area. It’s also Augusta’s only community development financial institution, a title given to banks that report that at least 60% of their financing goes to underserved populations.
Security Federal has about 260 employees and 19 full-service branches across the Augusta-Aiken and Columbia, S.C. areas.
