Two more state banks are in the process of establishing new addresses for their headquarters.
Premier Bank of Arkansas intends to relocate its main office 56 miles northwest of Marion to Jonesboro, and Logan County Bank is moving its HQ across the street in downtown Scranton.
Premier Bank is moving its corporate flag from 205 Block St. in Marion to the Jonesboro office opened at 2508 E. Highland Drive in January. Of its 33 staffers, seven work in Jonesboro.
“We geared up with staff before the move,” said Donnie Underwood, president and CEO of Premier. “Of course, we’re all finding out we can work from most anywhere these days.”
Founded as First Community Bank of Eastern Arkansas in October 1998, the $183 million-asset lender changed its name in April 2019. Its West Memphis branch opened in 2005.
Premier Bank recorded a profit of $789,000 for the first half of 2020 compared with $1 million for the first two quarters of last year.
Premier Bank, Marion
Total Assets: $183.2 Million
Net Income: $789,000
Staff: 33
Three offices in Jonesboro, Marion and West Memphis (As of June 30)
| Total Assets | Net Income | Efficiency Ratio | |
| 2019 | $164,059 | $1,673 | 63.45% |
| 2018 | $159,066 | $1,556 | 66.18% |
| 2017 | $151,250 | $1,284 | 66.26% |
| 2016 | $159,363 | $1,524 | 60.83% |
| 2015 | $151,370 | $1,416 | 65.17% |
| 2014 | $159,378 | $1,360 | 62.42% |
| 2013 | $149,031 | $1,255 | 64.57% |
| 2012 | $148,070 | $1,172 | 69.20% |
| 2011 | $115,503 | $1,021 | 68.15% |
| 2010 | $104,695 | $833 | 72.07% |
Source: Federal Deposit Insurance Corp. All dollars in thousands except where noted.
To the southwest 162 miles as the crow flies from Jonesboro, Logan County Bank will build a new 6,000-SF office 100 feet east of its historic location at 600 Main St.
“The move has been in the plans for 20 years, but we just never hit the button,” said Gary Fritsche, CEO and president of the $87 million-asset lender.
“Our existing building is more than 100 years old. It used to be a bank in the front and a drug store on the front and side with a doctor’s office upstairs.”
Logan County Bank has called 524 Main St. home since it opened for business in April 1926 and replaced the former occupant, Bank of Scranton, after it failed.
What will become of the 4,200-SF building after the bank exits?
“That is kind of up in the air,” Fritsche said. “We don’t have any definite plans.”
Construction of the new office awaits the relocation of a 1,800-SF metal building on the property. The bank donated the building to the Scranton School District.
Logan County Bank also operates a full-service branch 10 miles to the southwest in Subiaco, opened in 1988.
The bank reported a six-month profit of $468,000 as of June 30. Through the first half of 2019, net income stood at $445,000.
Sign up for Daily E-news
