Chambers Bank
Chambers Bancshares Inc. of Danville said Wednesday that has agreed to acquire Bank of Dardanelle Bankshares Inc., the parent company of River Town Bank.
Financial terms of the transaction, set to close mid-summer, were not disclosed. The deal will merge the two remaining banks chartered in Yell County and make River Town Bank a subsidiary of Chambers Bancshares.
The companies said River Town will continue to operate as a separate bank until the banking systems are converted and the banks are merged under the Chambers Bank name, which is expected in the fourth quarter.
“Chambers Bank is a respected and financially sound community bank,” Blake Tarpley, president and CEO of River Town Bank, said in a news release. “We believe that the commitment the organization has shown to its employees, customers and the communities it serves in Arkansas will be positive for River Town employees and our customers. We look forward to working with the team at Chambers to make this a successful and seamless transition for everyone involved.”
Founded in 1934, River Town Bank has branches in Atkins, Conway, Danville, Dardanelle, Dover and Russellville. It had assets of $132 million at the end of 2018.
The purchase will bring Chambers Bank’s total asset size to more than $950 million and add four Arkansas communities to its footprint. The company, founded in 1930, has 18 branches.
“Both banks were founded in the 1930s in Yell County and have shared values of exceptional customer service, community support and — most importantly — trust,” said John E. Chambers III, chairman of Chambers Bancshares. “River Town Bank customers can be assured that we will continue to offer the hometown service and hometown values to which they’ve grown accustomed, but with even more locations and financial products.”
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