Crossett Bank Waits for Regulators to Cross T's

Crossett Bank Waits for Regulators to Cross T's
First State Bank's drive-thru location in Crossett. (Google Maps)

The sale of First State Bank of Crossett to Capital Bancorp Inc. of Delhi, Louisiana, that was expected to close this year hasn’t.

Announced 11 months ago, the deal for the $34.4 million-asset bank continues to wind its way through regulatory channels toward a 2019 finale.

Richard Griffin, chairman and majority owner in First State, said the 13 staffers at the bank will be retained by Capital Bancorp.

“I have had many opportunities through the years to sell, but I didn’t for a lot of reasons,” Griffin said. “The principle reason is I didn’t think it would be best for the community. This is clearly the best opportunity I’ve had that would be best for the community.”

Pine Bluff’s Relyance Bank did acquire the former Heartland Bank branch in Sheridan. The deal for the 5,116-SF office at 108 S. Main St. closed back in the summer at $850,000.

It was the third and final branch acquired from Heartland’s creditor-turned-owner: Simmons Bank.