First State Expands Into Northwest Arkansas


First State Expands Into Northwest Arkansas
Chip Blanchard, president and COO, First State Bank of Russellville (Corey S. Krasko)

Russellville’s First State Bank is developing its first full-service branch in northwest Arkansas. The $450 million-asset lender intends to open an office in a new 6,200-SF building at 3654 N. Investment Drive expected to be completed by mid-2022.

“This will allow us to grow and continue developing relationships,” said Chip Blanchard, First State’s president and chief operating officer.

The bank acquired the 1.1-acre site in north Fayetteville for $745,312 in August. First State will occupy about 3,200 SF and lease the balance.

“We’ve been approached by interested parties already,” Blanchard said of potential tenants.

First State entered the Fayetteville market about three years ago with a loan production office. It will join the competitive fray in the $4.1 billion-deposit market, where 26 banks operate 47 full-service branches.

The market leader is Arvest Bank, with eight locations, home to deposits of $1.3 billion (31.98%). Completing Fayetteville’s top five are First Security Bank of Searcy, five locations and deposits of $567.7 million (13.54%); Farmers & Merchants Bank of Stuttgart, three full-service branches and deposits of $336.3 million (8.02%); Centennial Bank of Conway, two locations and deposits of $326.2 million (7.78%); and Fayetteville’s Signature Bank of Arkansas, one location and deposits of $307.3 million (7.33%).


First State Bank, Russellville
Total Assets: $450.1 million
Net Income: $2.3 million
Staff: 57
Four Full-Service Locations: Russellville, 3; and Ola
(As of June 30)

 

Total Assets

Net Income

Dividends

Efficiency Ratio

2020

$383,156

$3,278

$175

62.01%

2019

$295,296

$3,695

$2,050

59.11%

2018

$267,517

$3,539

$1,200

58.35%

2017

$257,155

$2,627

$700

58.02%

2016

$236,041

$2,660

$700

59.63%

2015

$227,078

$2,244

$700

62.39%

2014

$216,475

$1,815

$700

66.34%

2013

$188,022

$1,876

$1,700

64.06%

2012

$196,541

$2,518

$700

55.31%

2011

$173,972

$1,236

$620

67.95%

*All dollars in thousands except where noted.
Source: Federal Deposit Insurance Corp.