Harrell Bancshares Inc., the parent company of Generations Bank of Rogers, has raised $25 million through a debt issue, according to a filing with the Securities & Exchange Commission.
Jon Harrell, the CEO and chairman of both the holding company and the bank, told Whispers part of the money raised will go to pay off a previous debt issue and part of it will be capital used for organic growth in the bank’s existing markets.
Harrell, who is the fifth generation of his family to lead the holding company and the bank, said the bank is always looking for growth opportunities and that part of the capital could be used for mergers and acquisitions if the opportunities arise.
Generations Bank was chartered in Hampton (Calhoun County) until 2019 when the bank moved its charter to Rogers. The bank, which reported having $1.03 billion in assets at the end of September, has four branches in south Arkansas and four in northwest Arkansas, as well as one in Van Buren and one in Kimberling City, Missouri.
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