Last year’s profitability struggles at two Arkansas banks spilled into 2024. Little Rock’s Encore Bank posted a $1.6 million loss in the first quarter, while Bank of England recorded a $1.5 million loss.
The red ink at the $3.9 billion-asset Encore Bank marked its third consecutive quarterly loss, while it was the ninth consecutive quarterly loss for Bank of England.
During that 27-month time frame, staffing at Bank of England was slashed from 1,254 in the first quarter of 2022 when the bank lost $966,000 to 641 as of March 31.
Along the way, the $415.7 million-asset lender’s network of BOE Mortgage loan production offices was cut and its 45-state footprint reduced to 24.
The falling headcount of staffers and quarterly losses at Bank of England include:
- 1,195 and -$412,000 in 2Q 2022.
- 1,112 and -$877,000 in 3Q 2022.
- 968 and -$1.6 million in 4Q 2022.
- 934 and -$2.2 million in 1Q 2023.
- 921 and -$1.6 million in 2Q 2023.
- 790 and -$3.2 million in 3Q 2023.
- 663 and -$5 million in 4Q 2023.
Encore’s earlier losses were nearly -$1.3 million in 3Q 2023 and -$7.9 million in 4Q 2023.
Mulberry Move
Citizens Bank & Trust of Van Buren is expanding its Crawford County-only franchise eastward to Mulberry. The $522 million-asset lender, founded in May 1886, intends to open an office at 120 N. Main St.
Citizens purchased the former home of Elite K9 Academy in April for $60,000.
The project represents the bank’s first new branch since opening shop in Cedarville seven years ago.
The move by Citizens will make Mulberry a three-bank town.
The $55.5 million-deposit market is home to branches of Today’s Bank of Huntsville and Little Rock’s Bank OZK.
Today’s Bank holds $38.4 million in local deposits (69.16%). The bank entered the market in September 2016 by acquiring the insolvent Allied Bank of Mulberry in an FDIC-assisted acquisition with a negative bid of $6.14 million.
Bank OZK, which opened its Mulberry office in March 1997, holds deposits of $17.1 million (30.84%).
Burlington Branch
The largest Arkansas bank will be setting up shop in Burlington, North Carolina, about 14 miles east of Greensboro.
The location at 166 Huffman Mill Road, a former office of Select Bank of Forest, Virginia, represents a new market and full-service branch No. 24 in North Carolina for Little Rock’s Bank OZK.
The Burlington move will increase the number of banks in the $1.8 billion-deposit market to a baker’s dozen.
The three largest shares of deposits in Burlington are held by Truist Bank of Charlotte, $433 million (23.90%); Wells Fargo Bank of Sioux Falls, South Dakota, $386 million (21.30%); and American National Bank & Trust of Danville, Virginia, $226 million (12.46%).
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