Priority Bank to Operate Full-service Offices in Region

If you thought the banking boom was over when Signature Bank of Arkansas got its final approval on April 27, you were wrong.

Priority Bank, an Ozark-based thrift, received approval from the Office of Thrift Supervision in March to operate full-service offices in Northwest Arkansas, President John Harrell said.

Priority has purchased two sites for branches — one on Mission Boulevard in Fayetteville, the other in Springdale at Wagon Wheel Road and Arkansas Highway 71 — and it is in negotiations for a third in Fayetteville. The Springdale branch will be built first, but no construction details were set.

The bank will be the 25th unique institution in the two-county area, up from 19 in the Federal Deposit Insurance Corp.’s June 30 market share report.

Priority topped the state’s list of banks and thrifts for return on assets with an adjusted 1.55 percent. It had Dec. 31 assets of $35.3 million, down from $37.1 million a year earlier. Deposits ran $16.9 million, down from $18.9 million.

Priority is owned by Trevor Levy, who is related to by marriage Don Pitts, primary owner of the Springdale thrift United Bank.

Harrell said University of Arkansas Athletic Director Frank Broyles is a Priority Bank board member.

Priority also has approval to operate loan production offices in Sapulpa, Okla., and San Antonio, Texas.