by Gwen Moritz
Posted 11/25/2002 03:52 pm
Updated 1 year ago
Twin City Bank, which was founded in 2000 using a leftover charter and name, has grown to nearly $250 million in assets, President and CEO Bob Birch said.
At an announcement that drew about 300 observers to the Little Rock Regional Chamber of Commerce building, Birch and Chairman Rick Ashley announced that Frank Hickingbotham, founder of TCBY Enterprises and chairman and CEO of Hickingbotham Investments Inc., and his son Herren will join the board of TCBancorp.
At the announcement, Hickingbotham described the growth of Twin City Bank as "almost miraculous."
Herren Hickingbotham, who is a principal in Hickingbotham Investments, will also join the board of Twin City Bank. Other new bank directors are:
• Todd Hickingbotham, another of Frank Hickingbotham's sons and a principal of Hickingbotham Investments;
• Barbara Graves, founder of Barbara Graves Intimate Fashions and a member of the Little Rock city board of directors;
• Johnny Heflin, head of Bird and Bear Cos. and former president of Terminix Inc.; and
• Robert J. Shell, president of Baldwin & Shell Construction Co.
The expansion will add 40 new jobs and require more than $5 million in new construction and equipment. A limited stock offering of $12.5 million was made earlier this month to finance the Little Rock expansion plans, bringing the bank's total capital to more than $36 million. According to a statement from the bank, the offering was "substantially over-subscribed" and an additional offering is being planned for the summer of 2003.
The five new locations are:
• Riverdale: Scheduled to open April 14, the first Little Rock branch will be located at 2610 Cantrell Road in a freestanding building currently occupied by BancorpSouth, which acquired Pinnacle Bank last year. The manager will be Julie Wagner.
• Rodney Parham: A branch is scheduled to open May 9 in the former Wrangler Saloon & Dance Hall location at 9712 N. Rodney Parham Road, between Interstate 430 and Markham Street, with Marsha Davis as branch manager. Ashley's Camp Properties LLC recently purchased the property for $750,000.
• Chenal and Bowman: The former Chenal Valley Phillips 66 station at 520 Bowman Road will be converted to a TCB branch for opening on June 2. Beth Lindsey will manage it.
• Baseline and Interstate 30: Also opening June 2 will be an office near Wal-Mart in the Mabelvale Plaza Shopping Center in southwest Little Rock. No manager has been named.
• Highway 10: The fifth branch to be managed by Laurice Taylor will open July 7 on Highway 10 west of I-430 near the Kroger supermarket and Sonic restaurant.
State Bank Commissioner Frank White, in comments to the crowd, said a state bank had never before opened five new branches in the same city in six months. (In October 2001, Metropolitan National Bank of Little Rock announced that it would open six branches in nine months.)
TCB currently has four branches in North Little Rock (downtown, Lakewood, Rose City and Levy) and one in Sherwood.