Bank Combo Yields Assets of $365M

Monticello’s Commercial Bank & Trust and Warren’s First State Bank (Google Maps)

The pending merger of Monticello’s Commercial Bank & Trust and Warren’s First State Bank will create a financial institution that will rank No. 41 among Arkansas-based banks based on total assets.

The combined operations of the two south Arkansas lenders, with first-quarter total assets of $365.3 million, will move forward under the Commercial Bank banner. The consolidation of the sister banks in June will produce financial efficiencies and a single lender with a three-county footprint.

Both banks are controlled by the Ryburn family, which owns more than 83% of Commercial Bank and more than 78% of First State.

The family ownership of Commercial/First State is divided among Bennie Ryburn III, owner of Ryburn Motor Co., 22.18%/19.97%; Ray Ryburn, owner of Ray Ryburn Real Estate, 17.83%/19.469%; and Angela and Margaret Ryburn, 17.83%/19.469% each. Marion Ryburn holds a 7.7% stake in Commercial Bank & Trust.

The First State name originated in 1978 and replaced First National Bank, which made the scene in 1961. The $113.9 million-asset lender was launched as Merchants & Planters Bank in 1890.

The Commercial Bank & Trust name dates to 1965. The $251.4 million-asset lender was formed in 1912 as Commercial Loan & Trust Co.

Lead Hill Move

A small town in northern Boone County is in the process of regaining a local bank office.

Batesville’s First Community Bank is about a month away from opening a branch at 116 Hwy. 14E in Lead Hill, about 17 miles northeast of Harrison.

“We’re shooting for a June 1 opening,” said Dale Cole, chairman and CEO of the $2.8 billion-asset lender. “It’s a great opportunity for us. The office will be a limited hours branch. We’re looking at three days a week to be open.”

The Lead Hill project represents the only Boone County bank location outside of Harrison, a $1.1 billion-deposit market.

The community of 282 residents lost its local bank office when Fayetteville’s Arvest Bank closed shop in 2021.

At the time, the Arvest branch was home to deposits of more than $23.9 million.

First Community has started rebuilding the Lead Hill deposit base through its Harrision operations.

“The city leaders asked us to come up there,” Cole said. “We already have got about $2 million to $3 million from that community. Our goal is to get $20 million-plus in deposits.

“We chose Lead Hill because it has a small but pretty good industrial base and a school. And there’s new home construction in the Diamond City area near Bull Shoals Lake.”

Supported by a staff of 520, First Community Bank recorded a profit of $22.7 million in 2023 compared with $26.8 million in 2022.