by Gwen Moritz
Posted 7/15/2014 11:20 am
Updated 1 week ago
Another Arkansas bank has changed its name in order to position itself for growth outside its traditional geographic area: First National Bank of Green Forest is becoming Anstaff Bank.
The name is a combination of Anderson and Stafford, two of the families that helped organized the Carroll County bank in 1931 and who are still active in the management.
"Our name and logo have served us well for 83 years, and today we are proudly rebranding ourselves for the future," President and CEO Steve Stafford said in a news release announcing the change, "We believe our new name, Anstaff Bank, best represents who we are, who we have been and who we will be."
The change is in name only, according to the announcement. There have been no changes in ownership, management or staff, and customers can continue to use First National Bank of Green Forest checks and debit cards until they receive replacements bearing Anstaff name.
Anstaff's assets broke the $400 million mark as of March 31, when it reported having 94 employees in nine locations in Carroll, Boone, Madison and Newton counties. It had net income of $5.52 million in 2013 and $1.36 million in the first quarter of 2014. Anstaff is strongly capitalized with 43.3 million in equity capital.
Anstaff is joining a parade of banks that have rebranded to move away from place-specific names and from the ubiquitous "First National" brand. Carroll County competitor The Bank of Eureka Springs rebranded as Cornerstone Bank in 2008; Pine Bluff National Bank changed its name to Relyance Bank last year. First National Bank & Trust of Mountain Home changed its name to Integrity First Bank in 2012, and First National Banking Co. of Ash Flat renamed itself FNBC Bank in January.