Chip Blanchard, president and COO, First State Bank of Russellville
Did you know that First State Bank of Russellville recently raised $10 million?
The $473 million-asset lender reported the amount in a Securities & Exchange Commission filing last month.
The total offering amount was $10 million, and the type of security was debt. The first sale occurred on Dec. 29, according to the filing. The filing also noted that there was one investor.
The sales representative was Hovde Group of Inverness, Illinois. The sales commission was estimated at $200,000.
In November, the bank said it was developing its first full-service branch in Fayetteville.
The 6,200-SF building at 3654 N. Investment Drive is expected to be completed by the middle of the year. The bank bought the 1.1-acre site in north Fayetteville for $745,312 in August. First State will occupy about 3,200 SF and lease the balance.
“This will allow us to grow and continue developing relationships,” Chip Blanchard, First State’s president and chief operating officer, told Arkansas Business in November.
In the first nine months of last year, the latest figures available, First State Bank reported $3.6 million in net income, up from $2.6 million during the same period in 2020.
The bank has four full-service locations, three in Russellville and one in Ola.
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