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Legacy BancShares to Acquire Gravett Bancshares, Bank of Gravett

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Legacy BancShares Inc., parent company of Legacy National Bank in Springdale, and Gravett Bancshares Inc. in Gravette, announced Friday that it will acquire the outstanding stock of Gravett Bancshares Inc. and its subsidiary, Bank of Gravett.

The purchase will bring Legacy BancShares Inc.’s total assets to about $575 million. 

The transaction, which is subject to regulatory approval and the approval of Gravett Bancshares Inc. shareholders, is expected to close mid-summer. Once it does, the Bank of Gravett will become a subsidiary bank of Legacy BancShares Inc. and will continue to operate as Bank of Gravett.

Legacy National Bank is a full-service community bank with five locations serving Fayetteville, Rogers and Springdale and a sixth location opening in Bentonville this summer. Bank of Gravett has three locations, in Gravette, Hiwasse and Centerton.  

Legacy National Bank, with March 31 assets of $475.65 million, earned almost $3.5 million in 2017 and almost $1.5 million in the first quarter of 2018.

Bank of Gravett earned $1 million in 2017 and $259,000 in the first quarter of 2018. It had $117.65 million in assets as of March 31.

“We have great respect for Bank of Gravett and its long history of service to the communities they serve. Like them, we too are a local, hometown community bank with local directors, many of which have years of experience as community bank leaders in northwest Arkansas,” Legacy National Bank President and CEO Patrick Swope said in a news release.

“With the addition of the Bank of Gravett, our organization will become stronger both in terms of size and presence in Benton County, adding to the existing Legacy northwest Arkansas locations in Bentonville and Rogers, and four Washington County locations,” he said. “It is without question that with our similar values and cultures we will continue the tradition of service that our customers and our communities expect.”

Rick Pollreis, chairman and CFO of Bank of Gravett, said the deal “will be a good fit for both banks.”

Pollreis will serve as executive vice president and city executive of Gravette for the Bank of Gravett after the merger.

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