United Conversion

United Bank of Springdale has filed an application with the Arkansas State Bank Department to convert to a state-chartered bank.

Since it was founded in 1978, the bank, believe it or not, hasn’t been a bank. It’s been a thrift, or federal savings bank.

The charter conversion application was filed March 5 and is pending a board hearing April 17 in Little Rock.

United Bank, with two locations in Springdale and one each in Fayetteville and Rogers, had $136.94 million in assets as of Dec. 31 and its net income for 2013 was $3.56 million.

If and when the bank is granted a state bank charter, the number of remaining thrifts chartered in Arkansas will be three: Priority Bank of Ozark, Corning Savings & Loan Association and First Federal Bank of Harrison.