The new ownership of Grand Savings Bank of Grove, Okla., is anxious to expand across the border with a new branch in Bentonville as soon as federal and state regulators sign-off of the plans.
Grand Savings was formerly owned by Peterson Holding Company, as a sister institution to Decatur State Bank. That was until December when Chambers Banchares, led by Johnny Chambers, acquired the banking assets of Peterson Holding Company from the heirs of poultry pioneer Lloyd Peterson.
Guy Cable and Tyler Steele along with a local banking investment group bought Grand Savings Bank, which was divested away from Peterson Holdings in recent weeks. The local investment group includes Anthony and Suzanne Steele, Rex and Carolyn Grimsley, Gary and Jan Anderson, Guy and Eiizabeth Cable, Kirby and Robyn Lane, Tyler and Patricia Steele and Roland and Betty Julian.
“We have customers and have built long term relationships in Benton County, and look forward to getting a branch to serve and grow that business,” Cable said.
He said the bank has strength and expertise in small business lending and is in a great position to grow loans given its strong capital base and liquidity ratios.
For the full year of 2012, Grand Savings Bank recorded total profits of $259,000, for a respectable return on assets of 0.89%. The bank has $22 million in equity capital, and for its $226 million in assets carries exemplary capital ratios, which deem the bank well-capitalized in the eyes of regulators.
Grand Savings does not have heavy real estate exposure on its books like many of the banks it would compete with in Northwest Arkansas.
Mark Londigin, is the CEO and president of Grand Savings Bank, and has held that position for 28 years. During the past couple of years, he also served dual roles at Decatur State Bank, prior to the sale to Chambers Bancshares.
The new board of directors include:
Tony Steele – chairman
Guy Cable – vice chairman
Tyler Steele, former vice president at First National Bank of Rogers