A historic 6,500-SF building in downtown Rogers is weeks away from returning to its original function when the doors first opened in 1906.
Fayetteville’s Signature Bank of Arkansas is blending old with new at 114 S. First St. to launch its first Banco Sí office. The two-story building that once housed Bank of Rogers will host a grand reopening in late September.
“We’re a tenant in a really cool, old building,” said Gary Head, CEO of Signature Bank.
The bilingual-staffed banking office is envisioned as the start of a “Banking Yes” series for the $895 million-asset lender.
“Hopefully, there will be a couple more to follow,” Head said. “Our intention is to look at other markets where there are other large Hispanic populations like Springdale and Siloam Springs.”
The new Rogers office will be Signature’s second in the $2.9 billion-deposit market and its ninth full-service branch overall.
Signature holds the 15th-largest share of deposits ($41 million) among 22 banks in town.
Of those 22, the three largest stakeholders in Rogers are Arvest Bank of Fayetteville at $1.1 billion, 38.4%; First Western Bank of Booneville at $200 million, 6.8%; and Generations Bank of Rogers at $176 million, 6%.
Founded in 1883, the Bank of Rogers failed back in 1914. The limestone-facade structure served as the home of two other lenders over the years: Farmers State Bank (1918-36) and American National Bank (1937-62).
Springdale’s United Bank is also on the move in Benton County. The $259 million-asset lender is working on its first full-service branch in Bentonville at 2411 SW 14th St. It will expand the field to 19 banks in the $3 billion-deposit market.
The three largest chunks of deposits are held by Arvest Bank at $2 billion, 64%; Bank of America in Charlotte, North Carolina, at $270 million, 8.8%; and First Horizon Bank of Memphis at $122 million, 4%.
Bluff City Expansion
Pine Bluff’s Simmons Bank is growing its presence in Memphis with the addition of two full-service locations.
The $24 billion-asset lender has plans to set up shop in 23,000 SF of top-floor space in the Crescent Center at 6075 Poplar Ave. a nine-story office tower in east Memphis; and a 3,653-SF former Regions Bank branch in south Memphis at 4134 Elvis Presley Blvd., less than a mile south of Graceland.
The Crescent Center will serve as the Simmons operational center in Memphis.
The bank entered the $26 billion-deposit market in September 2015 with the acquisition of First State Bank of Union City, Tennessee.
Last year, Simmons expanded its Memphis footprint as part of the tandem acquisitions of Landmark Community Bank of Collierville and Triumph Bank of Memphis.
On paper, the purchases represented $577 million in Memphis deposits and could boost the Simmons total in the market to more than $672 million. That number represents the seventh largest share of Memphis deposits among 32 banks on the ground.