George Rumored To Begin Bank
by July 19, 2004 12:00 am 63 views
We hear Gary George, CEO of George’s Inc. in Springdale, and a group of local investors are forming a new bank. It will start with offices in Springdale, but the plan is for the privately held operation to have multiple locations throughout Northwest Arkansas.
The only other word so far is that the bank will be very well capitalized, and that it will be a “blockbuster deal” for this bank market.
This marks the fourth startup or new-to-the-market bank venture in the two-county area this year. Jerry Carmichael announced his Parkway Bank, and Joe Mills announced his intent to open Pinnacle Bank, both on May 17. Shortly afterward, Gary Head, former president of Arvest Bank-Fayetteville, and William King Gladden, CEO of Community First Bank of Harrison, announced similar plans regarding a yet-to-be-named bank.
There were 19 different banking institutions operating in Washington and Benton counties, not including loan processing offices, with a total of $4.7 billion in deposits as of June 30, 2003. Up-to-date numbers on deposits are due out this fall.