Grand Savings Bank is expanding its Benton County footprint to seven locations with the addition of a Centerton branch.
The $913 million-asset lender, chartered in Grove, Oklahoma, will open in a 6,398-SF office at 192 E. Centerton Blvd. in September. “We’re very pumped about that,” said Guy Cable, Grand Savings’ CEO. “We’ve needed a location out that way for awhile.”
The bank bought the 1.82-acre development for $1.6 million in May from Legacy National Bank of Springdale. The branch was home to deposits of about $12.3 million.
That 9.14% share was the third largest in Centerton’s $134 million-deposit market. The remainder was divided among Fayetteville’s Arvest Bank, $87.2 million (64.92%); Fort Smith’s First National Bank, $26.1 million (19.40%); and Searcy’s First Security Bank, $8.8 million (6.53%).
In July 2018, Legacy bought the Centerton project as part of its $17.4 million acquisition of Bank of Gravette.
The $1 billion-asset lender operates two Benton County branches in Bentonville and one each in Rogers, Gravette and Hiwasse, along with three in Springdale and one each in Fayetteville and Lincoln in neighboring Washington County.
In April, Grand Savings opened its third branch in Washington County at 83 S. Double Springs Road in Farmington.
The leased location is a make-do situation until the bank develops a new branch near the southwest corner of Southwinds Road and Cimarron Place next year. Grand Savings purchased the 1.3-acre site for $302,500 in June from Brand New Church.
Farmington’s $205.2 million-deposit market is split among three lenders: Arvest Bank, $146.8 million (71.52%); First Security Bank, $31.2 million (15.22%); and Stuttgart’s Farmers & Merchants Bank, $27.2 million (13.26%).
Ownership of Grand Savings is held by an Arkansas-heavy lineup of shareholders who purchased the then-$235 million-asset lender for $21.8 million in April 2013.
The families of Anthony Steele of Bentonville, Rex Grimsley of Bentonville, Gary Anderson of Rogers and Steve Zimmerman of Rogers also led the investment group in buying Decatur State Bank in December 2014 for $6 million.
The $128 million-asset bank provided the foundation for Grand Savings to build its franchise in northwest Arkansas.
Branch Closings
Cincinnati’s U.S. Bank pruned three branches from its Arkansas network this year. The shuttered locations are:
► The $13.6 million-deposit branch in Alma at 115 or 201 U.S. 64, depending on the source. The 2,973-SF office was developed by Van Buren’s First National Bank of Crawford County.
► The $32.2 million-deposit branch at 101 N. Oak St. in Sheridan. The 9,200-SF office was once the home of Grant County Bank.
► The $42.5 million-deposit branch at 327 S. Ash St. in Malvern. The 12,409-SF project once quartered Bank of Malvern.
Sign up for Daily E-news
