Gibson to Join George’s New Bank

We reported on July 19 that Gary George, CEO of George’s Inc. in Springdale, and a group of local investors are forming a new bank based in Springdale.

Now, we understand the group has lured Don Gibson, former state president for the $617.9 billion-asseted Bank of America, to be the president and CEO of the venture, and that Patrick Swope, city executive and private client adviser for BOA, will serve as the chief operating officer. Gibson also served as the mid-central market executive for BOA’s private client group for Arkansas, Oklahoma and southwest Missouri.

Gibson resigned on July 23, and his last day at BOA was July 30. Swope has resigned and will remain at BOA until Aug. 6.

There are 142 offices of 21 banking institutions doing business in the Fayetteville-Springdale-Rogers metropolitan statistical area, with an average of one bank every square mile in town. With word that George’s bank will be very well capitalized and have an impressive board of directors, we wonder how this group plans to squeeze in any more.

Did someone say acquisition?