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Legacy National to Merge with Gravette Subsidiary

2 min read

Legacy National Bank in Springdale will combine its business operations with the Bank of Gravette next month.

Legacy National’s parent company, Legacy BancShares Inc., bought Gravett Bancshares Inc. for $17.4 million in 2018. Legacy has six branches in northwest Arkansas while the Bank of Gravette has three. The two banks had operated separately since the acquisition. 

“There are definitely some efficiencies that both banks gain by doing it, but more than that it is the positives for the customers,” said Bank of Gravette President Brian Glenn, who is also the COO of Legacy National Bank.

Two Bank of Gravette branches — in Centerton and Hiwasse — will take the Legacy name while the downtown headquarters will retain the town’s name in its title. Glenn said staying the Bank of Gravette in Gravette gives the bank an advantage over out-of-town banks while customers in Hiwasse and Centerton may not be as name loyal.

Glenn said Legacy made significant investments with Bank of Gravette, including $2.5 million to remodel the bank’s headquarters in downtown Gravette and correcting the spelling of the bank’s name, which had been Bank of Gravett. 

Legacy National Bank had $673.6 million in assets at the end of 2020, according to the FDIC, while Bank of Gravette had $136.1 million. Bank of Gravette’s assets were $117.65 at the time of the acquisition; it had been as high as $206.3 million at the end of 2007.

“We wanted to become extremely active in the agriculture lending side,” Glenn said. “Our purchase on the bank has made a big difference on the ag lending side and as a community partner.”

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