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RiverBank Buys Into Paragould

2 min read

RiverBank of Pocahontas is adding a third northeast Arkansas market to its footprint. The $115 million-asset lender is developing a full-service branch in Paragould.

The bank purchased a 0.57-acre site at the northeast corner of U.S. 49 and West Court Street in October for $200,000. The 1401 W. Court St. office will be its fourth location.

The addition of RiverBank will expand the competitive field to nine banks in Paragould’s nearly $1.3 billion-deposit market.

That deposit pie, as of June 30, is divided among First National Bank of Paragould, $758.7 million (59.06%); Focus Bank, of Charleston, Missouri, $148.4 million (11.55%); Centennial Bank of Conway, $78.3 million (6.09%); Southern Bank of Poplar Bluff, Missouri, $68.6 million (5.34%); Unico Bank of Mineral Point, Missouri, $67.7 million (5.27%); Simmons Bank of Pine Bluff, $64.6 million (5.03%); Cadence Bank of Tupelo, Mississippi, $50.4 million (3.92%); and Regions Bank of Birmingham, Alabama, $47.9 million (3.73%).

(Source: Federal Deposit Insurance Corp.)

Bank OZK Branching

The largest bank headquartered in Arkansas is working on its first full-service branch in Boca Raton, Florida. Little Rock’s Bank OZK also has nailed down locations to expand its footprint in Dallas and replace an office in west Little Rock.

In Boca Raton, the $32.7 billion-asset lender intends to set up shop in a former SunTrust branch at 7800 Glades Road.

Regarding Arkansas-based lenders, Bank OZK will join Centennial Bank in Boca Raton’s $16.3 billion-deposit market. Centennial holds deposits of $169.5 million there, a 1.03% share that is 19th largest among 30 banks.

The $21.8 billion-asset lender entered Boca Raton in September 2017 as part of the $778 million acquisition of Stonegate Bank.

In Big D, Bank OZK will open its third full-service branch in a former Wells Fargo location at 14999 Preston Road. The bank opened its first Dallas office in September 2004.

In the $245.1 billion-deposit market, Bank OZK holds deposits of more $1 billion, a 0.44% share that ranks No. 21 out of 91 banks. Two other Arkansas banks are on the ground in Dallas.

Simmons Bank operates four locations with deposits of more than $388 million, a 0.16% share ranking No. 40. The $22.3 billion-asset lender’s banner first flew in the market in May 2018. That’s when Simmons retired the Bank SNB name, seven months after its $534 million purchase of that bank.

Little Rock’s Encore Bank opened its Dallas branch in December 2021. The office is home to deposits of more than $150 million, a 0.06% stake that ranks No. 51 in the market.

In west Little Rock, Bank OZK will build a new branch at 16901 Chenal Parkway in front of Costco to replace its former office at 12615 Chenal Parkway. The bank operated a branch in the 38,000-SF office building that once housed its headquarters.

Mountain View’s Stone Bank took over that branch last year after buying the property from Bank OZK for $9.5 million.

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