First National Bank of Paragould Gains Northwest Arkansas Presence (NWA Real Deals)

First Paragould Bankshares Inc. closed on its acquisition of five former Metropolitan National Bank branches in northwest Arkansas.

The parent company of First National Bank of Paragould spent about $12.2 million for branches in Fayetteville, Springdale, Johnson, Rogers and Bentonville. First Paragould bought the dormant branches from Simmons First National Bank of Pine Bluff, which bought Metropolitan at a bankruptcy sale in November.

First Paragould hopes to open the Bentonville and Rogers branches in November, assuming regulatory approval.

First Paragould paid $4.69 million for Metropolitan’s former regional headquarters at 3701 Pinnacle Hills in Rogers and $2.4 million for the branch at 2961 E. Mission Blvd. in Fayetteville. The other three branches went for between $1.48 million and $1.87 million.

First Paragould also is interested in buying a former Simmons branch in Conway, which would provide an entry to the Faulkner County market.

First National Bank of Paragould Acquisitions

Church Makes Acquisition

Central United Methodist Church of Fayetteville now owns a city block — and a United States Post Office.

The church paid $3.3 million for the 1.1-acre site of the main post office at 12 W. Dickson St. The church, located next door at 6 W. Dickson St., owns all the properties between Highland and St. Charles avenues and between Dickson and Lafayette streets.

Arvest Bank of Fayetteville funded the purchase with a five-year $3.3 million loan. The post office leases the land and main 39,000-SF building, and the church will take over as landlord.

Stanley Franklin’s Barbstan Partners Ltd. of Dallas, through its general partner MinTex Associates LLC, was the seller.

Brian Swain, the church’s administrator, said the church will collect $123,705 a year in rent on the post office. The U.S. Postal Service has the option of renewing the lease for five years when it expires in July 2016 — or can buy the building, although he said that doesn’t usually happen.

Farmers Co-op Expanding

The Farmers Cooperative Association of Van Buren made two purchases for new locations.

One doesn’t involve much travel to relocate as the co-op paid $250,000 for the former Family Dollar Store at 113 E. Pridemore Drive in Lincoln. The co-op’s Lincoln store is next door on South Main Avenue, and it plans to move to the new location in the spring after adding some storage space.

Rick and Tonya Poindexter were the sellers as trustees for the Rick Poindexter Family Trust. The co-op said its Main Avenue location will be sold.

“We’ve had our eye on that location for some time,” said Jay Carter, CEO of the Farmers Co-op.

The association paid $440,000 for a farm and feed store on 1.2 acres at 2049 Twin Oaks Drive in Elkins. Carter said the co-op has already opened for business in Elkins but still needs to replace some signage and do some minor remodeling.

Foghorn’s Plans New Site

A popular Fayetteville restaurant is poised to expand into Springdale after a $715,000 purchase.

Jeff Hodges, owner of two Foghorn’s, bought the former Oseguera’s Mexican Restaurant at 1100 S. 48th Place, just east of Interstate 49. Hodges, through his 5 Dogs Investments LLC, bought the 0.59-acre site and 4,436-SF building.

Legacy National Bank of Springdale provided a $573,750 five-year loan. Oswaldo and Alvares Oscar Oseguera were the sellers.

Foghorn’s, a sports bar that specializes in wings, has locations on West 15th Street and North Green Acres Road in Fayetteville.