Stone Bank of Mountain View on Monday announced that it had purchased a 38,000-SF office building in west Little Rock that was once home to Bank OZK.
The $9.5 million deal for the property at 12615 Chenal Parkway will expand Stone Bank’s management offices and provide space for a retail banking facility, the lender said in a news release. Stone Bank will occupy the first two floors of the building, and an insurance company will lease the top floor.
The purchase comes after the lender’s parent company, Stone Bancshares Inc., announced in December that it had agreed to sell the company to a family of Missouri bankers. The cash transaction with the Combs family’s MO/ARK Bancshares Inc. was valued at $88 million-$90 million.
“This new space will allow us to continue our rapid pace of growth and some of the dynamic plans we have for the future,” Noah Roach, president of Stone Bank, said in the release. “The visibility alone makes it a fantastic location with a daily traffic count of more than 36,000 vehicles daily on one side and 23,000 per day on the other.”
The building was constructed in 1998 as the headquarters of Bank OZK. The Little Rock-based lender has since moved further west. It occupied a 92,000-SF building at 17901 Chenal Parkway before developing its current home, a 248,000-SF project on Cantrell Road.
The building purchased by Stone Bank includes five drive-through lanes and a 24-hour automated teller.
Stone Bank has $700 million in total assets and 115 employees in five states. It has retail locations in six communities in Arkansas.
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