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 “In spite of the effects of the national recession, AuburnBank continues to maintain stability and profitability. Our positive earning trends, increased dividends and excellent liquidity continue to provide an attractive platform for investors. Ed Lee Spencer’s business acumen contributes significantly to every aspect of AuburnBank, particularly customer service. He sets the bar for others to follow,” says Bob Dumas, president of AuburnBank. 

“When I started out in business, I didn’t have much except the ability to shake someone’s hand and ask, ‘May I help you? How may I serve you?’ It’s about all I had to offer, but I think this same foundation is what sets AuburnBank apart from other financial institutions,” says Spencer. “We still answer our phones.” 

Spencer’s success never blinded him to those in need. While running the building-supply company, he expanded a practice started by his father of financing homes for local citizens with low income and no credit history. “If they owned the lot, we’d build them a house and let them pay monthly payments. This gave our citizens an investment in which they could be proud, and it was important to them,” says Spencer. 

At the bank, he pushed to establish a branch presence in economically struggling communities like Notasulga and Hurtsboro. He has membership in the Jule Collins Museum of Fine Art, established scholarships at his alma mater, the Auburn University College of Business, and served on the Auburn Industrial Development Board. Spencer has also served as chairman of East Alabama Medical Center. 

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Spencer, however, would credit his family as his greatest achievement. Married to his high school sweetheart, the former Ruth Priester, since 1953, the couple lives on the family farmland where both sons built homes and families as well. Daughter Sandra manages the Alabama 4-H center near Columbiana, and she lives there. 

Spencer credits his success to hard work and the determination to take care of the foundation while being unafraid to grasp opportunities for growth, attributes recognized by the distinguished membership in the Alabama Business Hall of Fame. Spencer commented at the induction ceremony, “Over half a century ago, after four years of service, I resigned my commission in the United States Air Force to try my hand in a small family lumber yard and building-supply business. My experience was limited, but I followed the directions Joshua heard a long time ago, ‘Be strong and of good courage, be not frightened neither be dismayed for the Lord is with you.’ Stay out of the fray if you are timid and in doubt. 

“I had a very basic business plan, ‘Try it. You can do it if you meet your obligations and take care of your customer.’ 

“As I looked at the market place, I did not see dollar signs. I saw opportunity, and I also realized that if you are going to do anything, you have to have great folks with you and you have to turn them loose and rely on their talent, loyalty and effort. 

“And you know what happened? Without committees, without legislative action or inaction, and without a massive public- relations campaign, we had to have other people to help us, and we put them to work. I think the word for work today is jobs. We also had one thing that is now a buzz word – the term stimulus, except we called it food on the table, payment of bills and creation of capital for the next opportunity. 

“In our system of free enterprise, there can be a broad road ahead or maybe just the challenge or adventure of a byway or untried trail. You don’t have to test the unknown or difficult, but you can. You may not succeed, but you have the choice. And you know what? With effort, ingenuity and help, something significant can happen. 

“It may be success, whatever that is. I hope it is always the satisfaction and duty of offering a helping hand along the way — to our neighbors in need, to our communities and to the principles and people that made it possible for us to be here, to be free and to be able to make a choice.” 

