United Conversion
by March 31, 2014 12:00 am 114 views
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.