LifeStore Bank’s History

Our story begins as Ashe Building & Loan Association was formed by a group of ten community leaders with a strong commitment to help their neighbors realize their dream of home ownership. Mr. Glenn Graybeal served as Managing Officer and Secretary-Treasurer 1939 until his passing in 1964. Ann Morton was named Assistant Secretary-Treasurer at the Ashe Building & Loan Association’s first meeting, served as Secretary and later became a member of the Board of Directors. Mrs. Morton retired from the Board 1990 with 50 years of service. This milestone marked the start of our commitment to community empowerment, ensuring our neighbors could meet life’s challenges and realize their dreams.

The 1951 transition to Ashe Savings & Loan Association marked a pivotal moment in our journey. For twelve years we only offered home loans and sold shares in the company and in 1951 we added more savings options. With all the products we offer today, we are most proud to say we are still a local hometown bank with FDIC backed deposits. And our loans are locally approved by people who still make this community home.

Mr. Bill Ashley was hired as Managing officer where he worked until 1994. He was a member of the Board of Directors for thirty-six years. Bill’s modesty and love of his community left behind a legacy of kindness and compassion that will be remembered by all those whom he encountered.

We transitioned to Ashe Federal Savings & Loan in 1982 which set the stage for becoming a trusted financial companion across the region. This transition reflected our dedication to adapting and expanding our products while maintaining the essence of our local commitment.

While much of the country was dealing with the Savings & Loan Crisis of the late 1980s and early 1990s, Ashe Federal remained strong and viable and committed to remaining a local hometown institution. By 1992, we sought to expand our operations by opening a branch in Jefferson.

We changed from a savings and loan association to a federally chartered bank, Ashe Federal Bank, and we opened a third branch in Northwest Ashe County.

In 1997, we acquired two insurance agencies- Ashelande Insurance and Brown Insurance and began AF Insurance Services. We expanded our operations into Sparta, NC in 1998 and added investment services. This shift reflected a broader vision, to not only meet the financial needs of our community but to anticipate and exceed them. As our institution grew, so did our dedication to being a pillar of support for local businesses, families, and individuals in our hometown.

We continued to expand in the following years, opening a bank branch in Boone and expanding our insurance reach into Boone, Lenoir, and Elkin. In 2000, we moved into a new corporate office in downtown West Jefferson and two years later we opened the Mt. Jefferson location, the first financial service center to house banking, insurance, and investment services under one roof. Also in 2002, AF Bankshares was renamed AF Financial Group.

Completed in October 2004, the construction of a new financial center in Boone was the last major expansion of AF Financial Group and housed banking, insurance, and investment together in Boone. Also In 2004, our current President & CEO by Robert E. “Bob” Washburn came on-board to lead the organization.

The transformative year of 2009 brought a rebranding and unifying of divisions culminating from the beginning of LifeStore. More than a name change, this evolution encapsulated the institution's holistic approach to banking, insurance, and investment services, all under one roof. This chapter demonstrated LifeStore's commitment to offering comprehensive financial solutions. Products and personal service was directed to ensure that milestones and life events were anticipated and treated with care, a personal touch, and dedication to the well being of the client.

The 75^th anniversary was marked with a commemorative logo that was displayed throughout much of the year. LifeStore and its communities celebrated this milestone with a special one-day nostalgic event including a special ceremony. The ceremony included traditional Bluegrass music and antique cars from the previous years, employees were dressed in vintage clothing and those in attendance enjoyed treats from a by gone era. CEO Bob Washburn shared during the ceremony verbiage from one of the early advertisements of the bank, which said, “make those dreams come true-NOW-by financing a home through us. Washburn share, “our company helped people to obtain these homes just as the advertisement describes: the founders were change agents of their day, offering a convenient and simple way to finance a home.”

LifeStore Bank and Insurance hosted an open house and ribbon cutting in conjunction with its newly renovated Support Center in West Jefferson. This newly designed facility is a workspace for tomorrow with today’s needs in mind and flexibility to accommodate change easily.

– Start a New Chapter in Your Life Story With LifeStore Bank
From our humble beginnings to the present day, each milestone in our timeline underscores our deep-rooted commitment to community involvement and caring. At LifeStore Bank, we are more than bankers. We are your friends, neighbors, little league coaches, board members, and partners in your success. The team at LifeStore Bank echoes our community values of support, trust, and a shared journey toward a brighter future.