First Western Bank Plans Springdale Branch

The Har-Ber Meadows area of Springdale was a prime location for new and new-to-the-market banks. Signature Bank of Arkansas, Metropolitan National Bank, and Bank of the Ozarks each have their spots staked out.

But the area’s still got plenty of pull.

First State Bank of Lonoke, which operates a single office in the market, plans to occupy part of a building going up there. It filed an application with the Arkansas State Bank Department for a branch on Aug. 18. The application was approved on Sept. 19.

First Western Bank, chartered out of Booneville, has a deal on a piece of land near Har-ber Meadows too, said Nathan Gairhan, regional president. The transaction is set to close in October, he said.

FWB hasn’t filed an application with the ASBD, but the department hasn’t turned down new branch applications in several years.

First State had assets of $289 million as of June 30, and total deposits of $219 million. The Fayetteville office had total deposits of $53 million (as of 2005).

First Western had assets of $314 million and total deposits of $232 million.

As of June 30, 2005, there were 159 bank offices in the two-county area. New deposit market share data is due out in October.