Bank Buzz Gets Louder in NWA
by October 12, 2011 9:20 pm 74 views
Is First Bank Corp. of Fort Smith coming to Washington County?
Yes, sources tell Whispers.
For anyone in need of a refresher, FBC is the parent holding company to First National Bank of Fort Smith (including First National Bank of Rogers), Citizens’ Bank & Trust Co. of Van Buren and National Bank of Sallisaw (Okla.).
FBC established its Benton County presence by acquiring the Bank of Rogers in 2004, and sources have told Whispers doing the same in Washington County “makes sense.”
Sam T. Sicard, who recently assumed the role of FBC president and CEO following the death of his father, Sam M. Sicard, responded to our request for comment with a telephone message.
“We don’t have any agreement with any financial institution to acquire them at this point in time,” he said. “We are interested in expanding in the Northwest Arkansas market as an opportunity arises.”
Sources said that opportunity appears to be in the form of Bank of Fayetteville.
Bank of Fayetteville had total assets of $397.1 million as of June 30. That’s down almost 25 percent from its peak above $526 million in the first quarter of 2009.
It also seems worth noting that BOF’s over-the-counter stock has gone from $7 per share at closing on Aug. 31 to $11.25 per share at closing on Sept. 28. In other words, it seems somebody thinks the bank’s value is on the upswing.
Stay tuned.