First Security Bank is increasing its presence in Russellville. The new full-service branch at 209 W. Main St. will be its second location in the $1 billion-deposit market.
First Security holds a 0.77% market share with nearly $8 million in deposits. That’s No. 9 among 10 lenders with offices in Russellville.
The five largest shares of Russellville deposits are held by Centennial Bank, 25% totaling $258.6 million; First State Bank of Russellville, 17.8% totaling $184.3 million; Arvest Bank, 15.8% totaling $164.3 million; Regions Bank of Birmingham, Alabama, 14% totaling $145.4 million; and Simmons Bank of Pine Bluff, 13.7% totaling $142 million.
First Security, supported by a staff of 842, reported net income of $108 million last year. The $5.2 billion-asset lender generated profits of $124 million in 2017.
Arkadelphia’s Southern Bancorp Bank is continuing its branch expansion into southwest Arkansas via Glenwood.
The planned office at 118 Elm St. follows De Queen’s First State Bank taking steps to enter the $112.9 million-deposit market.
The moves will double the competitive field in Glenwood where Diamond Bank held 73.4% of deposits totaling $82.9 million and Arvest Bank held nearly 26.6% totaling $30 million.