Startup Bank Approved, Investor and Friend Dead

January was like an emotional roller coaster for the principals of White River Bancshares Inc. in Fayetteville.

On Jan. 12, W. King Gladden, chairman and CEO of Community First Bancshares and Community First Bank of Harrison, was killed in a private plane crash near his home in Eureka Springs.

Gladden had partnered with Gary Head, former president of Arvest Bank-Fayetteville; Johnny Allison, chairman of Home Bancshares of Conway; and others to form White River Bancshares.

The investors plan to open Fayetteville-based Signature Bank of Arkansas in Washington and Benton counties, and the group had raised $44.15 million in startup capital, as of Jan. 4, according to documents filed with the Arkansas State Bank Department.

Community First Bancshares and Home Bancshares are each committed to a 20 percent stake in Signature.

On Jan. 20, just a week and a day after Gladden’s death, investors announced they had received approval for Signature from the ASBD. They are still awaiting approval from the Federal Deposit Insurance Corp. and the Federal Reserve. Head said he hoped for federal approval in mid to late March. After that approval, the bank could possibly open the next day, Head said.

The group plans to open the bank at Signature Plaza on the corner of Joyce Boulevard and Crossover Road in Fayetteville, but may open a temporary office at its Zion Road location, he said.

Head, from Eureka Springs, said he and Gladden, who was from Harrison, had known each other for 22 years through family, mutual friends and the banking business.

“He had one of the nicest personalities of anyone you’d want to know,” Head said of the banker.

Gladden started Community First Bank in 1997 with $6 million in capital. Head said Gladden came to him in April and said, “‘I started a bank, and I think you ought to too.'”

Head was philosophic about the up and down week. He said Gladden had stuck with the White River project through the tough times, and just when things were looking the best, he checked out.

Head said he could almost feel Gladden’s presence in front of the Bank Board on Jan. 20, and that he knows his friend is in a good place.