No Sale in Gravette

Bank of Gravett has filed for a “change of control” with the Arkansas Bank Department. Often, such a filing signals that a bank if being prepared for sale.

But John R. Meade, chairman and president of the bank, said the institution is simply attempting to establish a one-bank holding company. Meade would not elaborate on the reasons for the reorganization or who will serve as officers for the holding company.

Most banks in the state already operate through umbrella firms because of the numerous business advantages holding companies create.

According to the latest Federal Deposit Insurance Corp. figures available to the public, Bank of Gravett has about $167 million in assets, down 1 percent from 2001. The bank’s $147.06 million in deposits are down 1.55 percent since last year.

Bank of Gravett’s deposits represent 7 percent of the market share in Benton County, or the third largest behind Arvest Bank’s $1.1 billion (51 percent) and Arkansas National Bank’s $252.3 million (11 percent).