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Today’s Bank Expands to Benton County

3 min read

Huntsville’s Today’s Bank is weeks away from expanding its Arkansas footprint to a sixth county. The $332 million-asset lender is poised to start doing business through a newly built 2,800-SF full-service branch at 181 Slack St. in Pea Ridge.

“Subject to regulatory approval, we’re looking for the middle of next month for a soft opening,” said David Scruggs, president and CEO of Today’s Bank. “This is planting the flag in Benton County. We’re already making lots of loans there.”

Bank staffers have been working on the project for about 18 months since hiring Laura Fowler, former EVP at Generations Bank, as Benton County market president.

Only two other lenders operate branches in Pea Ridge: Arvest Bank of Fayetteville, with $118 million in deposits; and Equity Bank of Andover, Kansas, $38.5 million in deposits.

Today’s Bank, Huntsville
Total Assets: $332.2 million
Net Income: $980,000
Dividends: $208,000
Staff: 73
Offices: Huntsville (2), Fayetteville (2), Springdale, Mulberry, Mansfield, Ozark, Alma and Van Buren
(As of June 30, 2023)

2013

2014

2015

2016*

2017

2018

2019

2020

2021

2022

Total Assets

$100,700

$105,154

$111,709

$181,417

$204,665

$238,001

$266,465

$276,272

$297,008

$301,149

Net Income

$1,109

$2,630

$1,068

$2,059

$1,196

$783

$2,511

$1,906

$2,626

$2,549

Dividends

$424

$212

$157

$560

$458

$330

$425

$407

$407

$408

Efficiency Ratio

77.99%

61.35%

82.18%

75.35%

85.94%

87.52%

76.79%

84.71%

79.25%

78.95%

*Acquired the failed Allied Bank of Mulberry with a negative bid of $6.1 million.

Signature Banco

Fayetteville’s Signature Bank of Arkansas has nailed down a location for its second Banco Sí branch. The $1 billion-asset lender will set up shop in leased quarters at 103 E. Emma St. in downtown Springdale.

Gary Head, chairman and CEO of Signature Bank, reports that the 6,378-SF storefront office should be open in the first quarter.

Supported by a bilingual staff, Banco Sí is positioned to build financial relationships with Spanish speakers. Signature Bank opened its first Banco Sí branch to connect with Latino-Hispanic customers in Rogers last year.

Signature Scuffle

Back in the first quarter this year, Gary Head anticipated some razzing from buddies when a $110 billion-asset lender in a different time zone tanked.

The March 12 failure of New York’s Signature Bank didn’t trigger any mischievous phone calls or emails to Head. But the event did prompt Head to dial up some dialogue of his own.

“I expected to have friends calling to give me a hard time,” he said. “But I did call some of our big customers in case there was confusion over which Signature Bank failed. I wanted them to know it wasn’t us. They all told me ‘We knew that, but we appreciate your call.’”

The failure of the New York bank reminded Head of a cease and desist letter the East Coast bank sent him a couple years ago.

“Obviously, they should’ve been worried about other things,” he said. “They wanted us to relinquish the Signature name and threatened to sue if we didn’t quit using the name. They also contacted all the other banks in the country with Signature in their name.”

Signature Bank of Arkansas, founded in May 2005, is one of four Signature banks remaining after the demise of the New York iteration that was established in 2001.

The other three lenders are the $1.7 billion-asset Signature Bank of Rosemont, Illinois, founded in 2006; the $1.2 billion-asset Signature Bank of Toledo, Ohio, founded in April 2002; and the $193 million-asset Signature Bank of Georgia in Sandy Springs, founded in November 2005.

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