Bank of Fayetteville Opens Branch

The Bank of Fayetteville opened its ninth full service office on Aug. 4 — in Farmington.

BOF purchased a building and a 0.67-acre lot for $650,000 in October and immediately began renovations.

It’s an interesting move, considering the de novo market has slowed significantly and many bankers have said they’re waiting to see what branches competitors will put up for sale.

In 2007, only Little Rock-based Bank of the Ozarks applied with the Arkansas State Bank Department 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 in 2007.

In 2008, there have only been three applications with the ASBD for new branches in the six-counties of Northwest Arkansas and only one in Benton and Washington counties, which was for a First Security Bank in Tontitown.