Springdale’s Legacy National Bank is doubling its presence in the Bentonville market with a downtown location at 107 NW Second St.
The $940 million-asset lender opened its first Bentonville branch at 2904 S. Walton Blvd. in September 2018.
Legacy holds the 10th-largest share of deposits among 18 banks in the $3.6 billion-deposit Bentonville market: nearly $46.6 million (1.28%).
The new Bentonville move follows Legacy opening a full-service office eight months ago in Lincoln. The bank also operates locations in Rogers, Fayetteville, Hiwasse, Centerton and Gravette.
Backed by a staff of 137, Legacy turned a $952,000 profit in the first quarter. That’s down by nearly half compared with more than $2 million a year ago.
Saline County Expansion
A 5,330-SF former Summit/Bank OZK branch in Benton is undergoing transformation into a full-service location for Peoples Bank of Sheridan.
Craig Manatt, president and CEO of the $202 million-asset lender, anticipates a late summer opening for the new leased location at 1800 Military Road.
The office will be the bank’s third location overall. Peoples Bank opened its first Saline County branch in the East End community back in 2008.
“We had a real strong year last year, and I think we’ll have another strong one this year,” Manatt said.
Peoples recorded a nearly $3.3 million profit in 2022 and started this year off with a $926,000 profit in the first quarter.The addition of Peoples will expand the competitive field of banks in Benton to 10.
The three banks with the biggest shares in the $1 billion-deposit Benton market are First Security Bank of Searcy, nearly $327.6 million (30.08%); Little Rock’s Bank OZK, almost $202.3 million (18.57%); Regions Bank of Birmingham, Alabama, more than $171.6 million (15.76%).
Conway Pruning
The bank with the smallest share of Arkansas deposits closed one of its two Conway locations. FSNB of Lawton, Oklahoma, shuttered the 3900 Dave Ward Drive office after opening it 10 years ago.
The $500 million asset-lender, originally known as Fort Sill National Bank, held nearly $3.2 million in Arkansas deposits at last count among its Walmart Supercenter-dominated locations. That’s at the bottom among 114 banks on the ground in the state.
FSNB operates three other Arkansas branches in Russellville, Pine Bluff and West Memphis among its 81 full-service locations spread across nine states.
Backed by a staff of 666, the bank recorded a $3.5 million profit in the first quarter, compared with $3.9 million last year.
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