Bank of Fayetteville Makes Purchase for First Farmington Branch
by October 22, 2007 12:00 am 99 views
In a market where bankers are waiting to see what branches competitors will put up for sale, The Bank of Fayetteville has plans for a de novo branch on Main St. in Farmington.
BOF purchased a building, currently doing business as Fancy Nails, and the 0.67-acre lot for $650,000 on Oct. 4.
Mary Beth Brooks, president and CEO, said the bank plans to raze the structure and build anew. All plans will hinge on approval from the Arkansas State Bank Department.
The site will connect the dots between the bank’s Prairie Grove office and Fayetteville in a town that has become a growing suburb. It will be the bank’s first new office since 2004.
In 2007, only Little Rock-based Bank of the Ozarks has applied with the ASBD to open a new office in Benton and Washington counties. Legacy National Bank of Springdale and Metropolitan National Bank of Little Rock don’t have to seek ASBD approval. LNB opened a new office in Springdale in early October and MNB has opened six offices this year.
There were eight applications with ASBD for new branches in 2006 and in 2005 there were 19 applications for new branches in the six-county market.