Posted 8/4/2014 12:00 am
Updated 4 months ago
Simmons First National Bank of Pine Bluff has sold off four more leftover Pulaski County branches.
Since June, Simmons liquidated a quartet of former Metropolitan National Bank locations in deals that totaled $5.2 million.
Crain Investments Ltd., led by Larry Crain Sr., bought a 3,555-SF branch at 11821 Col. Glenn Road in Little Rock for $1.76 million.
We couldn’t track Crain down regarding his plans for the 1.5-acre development.
First Arkansas Bank & Trust of Jacksonville acquired the other three properties:
- A 3,743-SF branch at 2030 John Harden Drive in Jacksonville and a 3,582-SF branch at 121 Bill Foster Memorial Highway in Cabot. Price tag for the pair was $2.2 million.
- A 3,484-SF branch at 3607 E. Kiehl Ave. in Sherwood. The 0.95-acre development was purchased for $1.25 million.
Meanwhile, in NWA
Simmons is also getting close to unloading its glut of branches in northwest Arkansas.
Arkansas Federal Credit Union paid $1.72 million for a former Simmons office at 5106 S. Thompson St. in Springdale last month, and Priority Bank of Ozark paid $472,500 in May for Simmons’ Prairie Grove branch at 703 Douglas St.
Now we hear that First National Bank of Paragould is buying five former Metropolitan branches, one each in Fayetteville, Springdale, Rogers, Bentonville and Johnson. First National of Paragould is also looking to buy a former Simmons branch in Conway, where Simmons sold a Metropolitan branch to AFCU in May.
The branches in northwest Arkansas are listed for a combined $12.05 million, including $4.7 million for Metropolitan’s former regional headquarters at 3701 Pinnacle Hills in Rogers.
Donald Guinn, president and CEO of First National Bank of Paragould, declined to comment.