White River Bancshares Sells Stock Subscription Twice

White River Bancshares Co. of Fayetteville sold more than its original stock subscription for its Signature Bank of Arkansas — twice.

Gary Head, former president of Arvest Bank-Fayetteville, wouldn’t say how much the holding company for yet-to-be-approved Signature Bank had raised, but he did say, “We were very lucky.” He cited legal and regulatory concerns for not coughing up an exact figure.

This much is clear: Stock subscription was to close on Dec. 16, and the group collected an additional $7.5 million in capital. So White River re-subscribed for a greater amount and closed that subscription on Dec. 21.

Again, the group brought in more capital than was allowed in the subscription offer. But Head said the group opted to not re-subscribe a second time. At some point, the group had to cut it off and employ the capital it has collected, he said.

It’s been rumored the original subscription target was about $40 million. It was widely reported that the group had collected $34.7 by Nov. 22. If both statements are true, Head’s Signature could be worth close to $50 million before the first teller window opens.

Simmons Signed, Too

Speaking of aggressive banks, Simmons First of Northwest Arkansas has closed on 2.43 acres of land in Creekside Place off New Hope Road in Rogers. Public records indicate the bank paid $1.37 million for the land.

Tom Spillyards, president and CEO of the Rogers-based bank, said the operation’s 12th branch will eventually be at the location.

Simmons First announced in September it had plans for a new branch on South Walton Boulevard in Bentonville’s Regency Park. The bank now has four offices in Benton County and six in Washington County.

Location-wise, Simmons will go head-to-head with Pinnacle Bank, which has approved plans to build the Pinnacle Bank Building at Creekside. Joe Mills, president of Pinnacle, was the president and CEO of Simmons First until he resigned in March.