First Federal Savings Bank of Lincolnton began on February 6, 1940, when a group of local businessmen led by C.P.A. Chauncey Depew Stroup met to form a local savings and loan association to serve the county. A federal charter was adopted in 1947, and the name changed to First Federal Savings and Loan Association of Lincolnton. After returning from service in the Armed Forces, C.D. Stroup, Jr. was employed in 1945. In November 1959, the association moved into its present location, then the most modern and convenient facility in Lincoln County. From 1960 through 1973, it experienced steady and continuous growth in assets and net worth and attracted a competent staff, many of whom were still employed at the time of writing. C.D. Stroup, III, was hired in 1970. In the 1980s, rapidly rising interest rates challenged many institutions that faced increased deposit costs while collecting low interest rates on fixed-rate mortgages, but First Federal's conservative management withstood the challenge and continued serving the community. In January 2000, the name changed to First Federal Savings Bank to reflect the full range of bank services offered. The bank opened its first branch in 2002 at 2763 East Highway 27 and another branch in eastern Lincoln County in August 2004 at 2074 North Highway 16. As a local institution, it emphasized friendly professional service, commitment to customers, and contributions and volunteer work in the communities it served.