Carroll Community Bank formerly known as Sykesville Federal Savings Association
The Sykesville Perpetual Building Association was organized by dry goods merchants Zimmerman and Schultz to assist farmers from the surrounding county in borrowing money. The Association’s first meeting was in the store in the spring of 1870. The Association was chartered in 1887 and re-chartered and reorganized in 1907 when it became Sykesville Building Association of Carroll County.
When organized in 1870, loans were auctioned off and sold at a premium as high at 20%. This process assisted many farmers in purchasing real estate and building their own homes. In 1908 the Association paid shareholders an annual dividend of 6.5%. The Association’s business was conducted from a director’s home until 1922. As the Association grew office space was rented from local businesses in Sykesville. In 1972 land was purchased on Liberty Road in Eldersburg, Maryland where a branch was opened in late September. On September 12, 1988 the business name changed from Sykesville Building Association of Carroll County to Sykesville Federal Savings Association. In July 2010 Sykesville Federal Savings Association switched to a state-chartered bank and is now known as Carroll Community Bank.