Ozark Heritage Backers Seek Up to $12M After Bank Buy

by George Waldon  on Monday, Jul. 14, 2008 12:00 am  

(Click here for a view of the Stone County banking market.)

A seven-digit deal is in the works that would add a seventh lender to the Stone County banking market.

A group of investors led by Marvin Sutterfield, former chief lending officer with Bank of Mountain View, intends to buy First National Bank of Altheimer (Jefferson County), move the headquarters of the $12.3 million-asset institution to Mountain View and rename it Ozark Heritage Bank.

In conjunction with the proposed acquisition, backers hope to raise between $8.4 million and $12 million in additional capital.

"Our goal is to have the minimum amount of our capital raised in 60-90 days," said Sutterfield, who will be president of Ozark Heritage.

David Ault, a Midwest banker whose resume includes a stint with the OCC, will be chief executive officer of Ozark Heritage Bank. Ault worked as president and CEO for more than two years at People's Bank of Paragould, helping clean up that troubled bank before it was sold to Wallace Fowler's Liberty Bank of Arkansas in 2004.

Jamie Barnes, a Stone County real estate investor and cattle farmer, will be chairman of the board.

Other organizers and proposed members of the board of directors are Darryl Sullivan, a former loan office with Bank of Mountain View; Martha Blackwell, a Stone County Conservation District administrator; Jim Ed Cash, real estate investor; and Emmett O'Ryan of Memphis, a Stone County real estate investor.

Other proposed directors include J.T. Compton of Morrilton, who has various business interests in the area; Debra Sutterfield, sister-in-law of Marvin Sutterfield and wife of a local cattle farmer; Buddy Bolin, a contractor; and Ron Willis, retired coach/teacher.

Two directors at the Altheimer bank also will join the new board of directors: J.P. Walt, chairman, president and CEO of the bank, and F.H. Lyons Jr.

"We started looking at this last fall and started talking with the Altheimer folks early this year, Marvine Sutterfield said.

Mountain View is home to six banks operating seven branches. The dominant lender is Bank of Mountain View, owned by Home BancShares Inc. of Conway and holding a 67 percent market share of Stone County deposits ($153.7 million) as of June 2007.

 

 

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