CCBFinancial history

China Construction Bank was established as the People's Construction Bank of China in 1954.

Construction of the first nine holes of a course known then as the Pine Knoll Shores Golf and Country Club began in 1970.

The original developers sold the club to Autry & Associates in July 1972.

To raise operating funds, the members had voted at their August 1975 meeting for a $500 assessment payable in full or at the rate of $100 per year.

At the club’s first annual membership meeting in January 1976, however, a majority voted for a slate of directors who rescinded the assessment program in favor of a drive for new members and an initiation fee of $250.

By early August 1977, 172 members had paid for at least one MEC and had either bought, or were buying on the installment plan, one $1,000 bond.

Associate memberships were sold beginning in 1978, but there were times when associate members opted not to continue their memberships, and funding levels continued to be very limited.

CCB completed its first loan, of CNY 34 million, to the Liaoyang Fiber Plant in 1979.

In 1980, two contracts were signed with the Roosevelts stipulating payments to the club in return for reserving memberships for purchasers of the Roosevelts’ residential lots, condominiums and other developments.

In 1985, the Capital Markets Group was established and Country Club Bank became a registered Dealer Bank, actively involved in a full range of taxable and tax-free investments and services.

Also during this period, CCB began issuing bonds, a service launched in 1986 with the backing of the Shandong Yantai Longkou Power stock offering.

The bank also began lending to the newly emerging class of commercially operating enterprises, issuing its first working capital loans to this sector in 1987.

CCB began rolling out its international finance services elsewhere in its branch network, and by 1988 offered coverage through its branches in all of the major provincial markets and special economic development zones.

The bank began developing its first credit card in 1989 with MasterCard.

1990 CCB launches its first credit card.

The company also began installing its own ATM network, and by the end of 1993 boasted some 7,000 machines.

An important step in this process came in early 1994, when the CCB's policy making functions were separated from the bank and placed into a new entity, the China Development Bank.

In 1995, the company also launched an effort to establish its own in-house credit-rating system, in order to develop more objective standards for its lending business.

1996 Company changes name to China Construction Bank.

In 1999, for example, CCB transferred its own non-performing loans to a new state-owned vehicle, China Cinda Asset Management Corporation.

In 2001, CCB adopted a new corporate culture position as it began its effort to transform itself into a modern, customer-focused operation.

2003 Chinese government announces intention to list CCB on Hong Kong Stock Exchange.

Toward that end, in September 2004, the company was restructured as a shareholding bank, named China Construction Bank Corporation.

CCB's IPO was completed in October 2005, with a listing on the Hong Kong Stock Exchange.

CCB braced itself for the next phase in the China banking market's reform: the market's full liberalization was slated for the end of 2006.

On August 18, 2007, Bogue Banks Country Club was renamed The Country Club of the Crystal Coast, the grand opening of the new Club was celebrated, and the Club began a new chapter in its life.

Author: 2014, Ted Lindblad, Town of Pine Knoll Shores History Committee Member

With all of these improvements, membership began to rise well above all expectations to almost three times the number of members that the Club had at the end of 2018.

There were two offers to purchase the Club, and ultimately, it was sold to PKS, CC, LLC on January 31, 2019, and it became known as the Crystal Coast Country Club.