Union Bankshares Inc. of Mena announced Friday that it will combine its two bank charters, Union Bank and First National Bank at Paris, and operate all its bank branches under one name, Union Bank.
The consolidation is expected to be finalized in February. Union Bank had about $347 million in assets as of June 30. First National Bank at Paris had $251 million in assets.
“Unifying our banks under a common name and charter will allow us to fully leverage our combined strengths, as we continually invest in our customers and communities,” Union Bankshares Inc. CEO Jarrod Yarnell said in a news release.
First National Bank at Paris operates branches under two brands: First National Bank and Community National Bank. Both brands have operated within the Union Bankshares holding company since 2005.
“The confusion of having three distinct names within our holding company will be gone, but our ownership, management and operations will remain just as they are today," Yarnell said. "We remain firm in our commitment to local bankers making local decisions.”
Union Bankshares operates a total of nine bank offices in Booneville, Caulksville, Clarksville, Hatfield, Mena, Ozark, Paris, Waldron and Wickes.
Kevin Williams, president of Union Bank, said that after the combination, Union Bank customers will have additional ATMs and locations available to them.
The company also said First National Bank at Paris customers should continue to use their existing checks, debit cards, website and other services. The bank said it will have more information for customers later this year regarding the rebranding and unification timelines. The bank has a webpage — firstparis.net/resources/unifying — to answer customer questions.
