Bank of Fayetteville Not For Sale

Mary Beth Brooks, president and CEO of The Bank of Fayetteville N.A., said definitively that the bank is not for sale.

As early as January, Brooks had said people occasionally call asking if the bank might accept bids. The community bank is an attractive mark because of its infrastructure and share of the Washington County market.

As recently as the last couple of months the subject came up at a board meeting, she said, but no formal offer was made by another bank. “Just conversation,” Brooks said.

Brooks, who is also a board member, said Chairman David McClinton and the other directors are not at all interested in selling.

BOF recently announced record earnings for the first half of 2005, with net income of $1.7 million and assets that were up 6 percent since Dec. 31. The bank said its total loan portfolio was up 16 percent since year-end, and average deposits are up about $14 million compared to last year.

Return on assets is at 0.93 percent as of July 31, up from 0.6 percent at year-end. It’s beating Brooks’ base goal of 0.85 percent, she said.