South Street Financial Corp, serves as the holding company for Home Savings Bank of Albemarle, Inc. (the Bank). The Bank is engaged primarily in the business of attracting retail deposits from the general public and using such deposits to make mortgage loans secured by real estate. The Bank makes mortgage loans secured by residential real property, including one-to-four family residential real estate loans, home equity line of credit loans and other subordinate lien loans, loans secured by improved nonresidential real property, loans secured by undeveloped real property, and construction loans. It also makes a limited number of loans that are not secured by real property, such as loans secured by savings accounts. The Bank�s wholly owned subsidiary, South Street Development Corporation (SSDC) owns 100% of Park Ridge Associates, L.L.C. (Park Ridge). The Bank is a member of the STAR network and the CIRRUS network for automated teller machines (ATMs) and Point of Sale (POS) terminals.