Bank Charter Conversions Drop State's Number of Thrifts to Three

by Arkansas Business Staff  on Monday, Jul. 7, 2014 12:00 am  

The dwindling number of Arkansas thrifts recently went from five to three.

United Bank of Springdale and Benefit Bank of Fort Smith received approval from the Arkansas State Bank Department to convert from federal savings banks to state banks.

The charter conversions reduced the short list of Arkansas thrifts to First Federal Bank of Harrison, Priority Bank of Ozark and Riverbank Savings & Loan Association of Corning (Clay County).

When Benefit Bank was chartered in 1999, there were 15 thrifts in the state — six of them publicly traded. Today, only First Federal’s parent company, recently renamed Bear State Financial Inc. of Harrison, is publicly traded, and it now owns a couple of commercial banks as well.



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