Valley Bank Won?t Make Purchase

Back in April, we told you about a group of investors seeking $10 million in private stock subscriptions so they could purchase an unidentified south Arkansas bank and relocate its headquarters to Tontitown.

Jim Oldham, senior vice president with Valley Bank in Springdale told us that plan has fizzled out.

Valley is a loan production office for Valley Bank of Moline, Ill., which opened in 2006.

Oldham said the group is going to continue to do business and maintain its portfolio of about $21 million in mostly commercial loans.

So, is there business to be had?

“It’s almost come to a halt,” Oldham said. But he thinks interest rates will continue to go down and that will drive a recovery.