2014 started with 120 separate banks chartered in Arkansas and ended with 109. Two have become inactive in 2015.
Most of that paring was done by Simmons First National Corp. of Pine Bluff, which bought Delta Trust & Bank and finished collapsing its multiple charters into its flagship Simmons First National Bank.
The 112-year-old institution, now branded simply as Simmons Bank, grew from $3.2 billion in assets at the end of 2013 to $4.6 billion a year later — and overtook First Security Bank of Searcy to become the fourth-largest in the state.
More: Purchase the full list of Arkansas banks, ranked by assets.
At year end, Centennial Bank of Conway, with assets of $7.4 billion, was a distant second to Arvest Bank of Fayetteville, with assets of nearly $15 billion. Bank of the Ozarks of Little Rock remained at No. 3, despite 41 percent growth in assets last year to almost $6.8 billion, thanks mainly to its purchase of Summit Bank of Arkadelphia a year ago.
But by March 31, both BOZ and Simmons had overtaken Centennial through out-of-state acquisitions.
BOZ’s assets soared to $8.3 billion with acquisition of Intervest Bancshares of New York in February. Also in February, Simmons completed acquisitions in Tennessee and Missouri that pushed its assets to $7.8 billion.
Other Arkansas bank charters disappeared in 2014: Citizens State Bank of Bald Knob was acquired by Southern Bank of Poplar Bluff, Missouri; Decatur State Bank was merged into Grand Savings Bank of Grove, Oklahoma; and First Community Bank of Van Buren was merged into First Bank of Hampton.
In February, Bear State Financial Holdings Inc. merged the charters of First Federal Bank at Harrison and Heritage Bank of Jonesboro into First National Bank of Hot Springs. The remaining bank, with its charter moved to Little Rock, has been renamed Bear State Bank.
Most Profitable Arkansas Banks
Ranked by net income for 2014
Rank | Bank | 2014 Net Income | 2013 Net Income | ROA |
1 | Bank of the Ozarks* Little Rock |
$125,080,000 | $92,539,000 | 2.154% |
2 | Centennial Bank Conway |
$116,643,000 | $69,518,000 | 1.673% |
3 | Arvest Bank Fayetteville |
$108,010,000 | $125,840,000 | 0.732% |
4 | First Security Bank Searcy |
$100,444,000 | $100,619,000 | 2.262% |
5 | Simmons First National Bank** Pine Bluff |
$45,441,000 | $15,349,000 | 1.140% |
6 | First Financial Bank El Dorado |
$22,918,000 | $23,873,000 | 1.685% |
7 | First Federal Bank# Harrison |
$21,921,000 | $1,391,000 | 3.824% |
8 | Farmers Bank & Trust Magnolia |
$16,766,000 | $16,466,000 | 1.378% |
9 | First National Bank of Fort Smith |
$15,665,000 | $16,786,000 | 1.325% |
10 | First Arkansas Bank & Trust Jacksonville |
$11,650,000 | $13,089,000 | 1.377% |
11 | Southern Bancorp Bank Arkadelphia |
$11,524,000 | $9,513,000 | 0.999% |
*Acquired Omnibank of Houston and Summit Bank of Arkadelphia in 2014
**Acquired Delta Trust & Bank of Parkdale and six sister charters in 2014; subsequently acquired, in February 2015, First State Bank of Union City, TN, and Liberty Bank of Springfield, MO, in 2015
#Subsequently merged, in February 2015, with First National Bank of Hot Springs and Heritage Bank of Jonesboro and renamed Bear State Bank
Source: BauerFinancial Inc. of Coral Gables, Fla., BauerFinancial.com