Posted 7/14/2017 02:42 pm
Updated 2 weeks ago
First Arkansas Bank & Trust of Jacksonville announced Friday that is has purchased a vacant bank branch at the intersection of Hogan Road and Prince Street in Conway for $1.5 million.
"This will be our initial entry into the Conway market," Chairman, President and CEO Larry Wilson said in a news release. "We believe that Conway is a great market and has significant growth potential.
"With the diverse range of demographics found in the city, including the colleges and the business community, we believe strongly that our products, services, and commitment to community service will position us well within the market and generate the need for more locations in the market over time."
Wilson said the branch will be remodeled immediately for about $200,000-$300,000 and the bank plans to open a loan production office there within the next few months. FAB&T is filing an application with the State Bank Department to operate a full-service branch there too.
Wilson said the bank would like to gain that approval soon after the remodel is completed.
He also said the Conway location would compliment another of the bank's locations in the Greenbrier market and other branches further north on Highway 65.
FAB&T is a family-owned and managed commercial bank with 22 locations in central Arkansas and total Assets of $750 million. The bank also owns credit card issuing company Card Assets of Atlanta.
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