Northwest Businessmen Expand Banking Interests
by January 26, 1998 12:00 am 127 views
Banking news that readers may have missed last year:
A couple of Fayetteville businessmen have formed a holding company and purchased an Ozark thrift, River Valley Savings Bank.
Trevor Lavy and William G. Reich, both executives at United Bilt Homes and board members of United Bank in Springdale, recently formed Priority One Holding Co., and purchased the $12 million thrift.
Lavy says the thrift will remain separate from United Bank.
“This is a stand-alone business interest for us,” he says, noting that both he and his partner, Reich, work in finance-related areas. “It just looked like a good opportunity for us in a market close to where we live.”
Although holding companies are often formed as a prelude to becoming a publicly held company, Levy says the men have no immediate plans for such a move or even for additional branching.