Armor Bank Sets Up Shop In Spa City


Forrest City’s Armor Bank is expanding its four-county footprint of full-service branches to five in Arkansas.

The $207 million-asset lender is developing an office at 4538 Central Ave. in Hot Springs while working out of temporary quarters up the street at 3948 Central Ave., Suite D.

David Trice, an alumnus of Regions Bank, was named Hot Springs market president for Armor Bank earlier this year.

“Our big picture, long-term plan is to develop a meaningful franchise around the state,” said Chad May, CEO of Armor Bank. “Our expansions are people-centric, the opportunity to hire the right person to oversee a new market.”

The new Garland County location, representing full-service branch No. 9 for Armor, is slated to open in the fourth quarter. The bank is on the ground in St. Francis, Pulaski (2018), Craighead (2019) and Poinsett (2019) counties.

Counting Armor Bank, Garland County is home to a competitive field of 14 banks operating 50 locations.

Armor Bank reported net income of $40,000 for the quarter ending March 31, compared with a $90,000 loss a year earlier.

A noticeable, line item change was in salaries and employee benefits: $575,000 for 40 staffers as of March 31, 2020, and $906,000 for 50 staffers as of March 31, 2021.


Garland County Bank Market
(as of June 30, 2020)

 

Offices

Deposits*

Share

Regions Bank

7

$461,208

20.24%

Arvest Bank

7

$457,709

20.09%

Bank Ozk

7

$402,704

17.67%

U.S. Bank

4

$202,465

8.89%

Simmons Bank

3

$198,897

8.73%

Southern Bancorp Bank

3

$145,055

6.37%

Relyance Bank

4

$99,181

4.35%

Diamond Bank

2

$87,125

3.82%

First Security Bank

3

$63,513

2.79%

The Malvern National Bank

3

$56,590

2.48%

The Citizens Bank

3

$42,111

1.85%

Chambers Bank

2

$38,642

1.70%

Bancorpsouth Bank

1

$23,210

1.02%

TOTAL

49

$2,278,410

*In thousands.
Source: Federal Deposit Insurance Corp.