Legacy Bank breaks ground on new Pinnacle Bank Center

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by The City Wire staff ([email protected]) April 18, 2014 11:49 am 204 views 

The board of directors and shareholders of Legacy National Bank officially announced its new Pinnacle Banking Center with a groundbreaking ceremony Friday, April 18 at the new Rogers building site.

Legacy’s Pinnacle Banking Center will be located at 4901 W. Pauline Whitaker Parkway and is scheduled to open in early fall of 2014. This center will offer a full range of banking services to include deposit services, commercial loans, mortgage loans and consumer lending products. In addition, the center will offer investment services through Legacy’s strategic partnership with Wells Fargo Advisors. 

The new Pinnacle center location will replace the small branch which is currently servicing Rogers and Bentonville customers at 5415 Pinnacle Point Dr.  Legacy now has five banking locations in Washington and Benton counties.   
 
Ken Shireman and Associates are the architects for the building and Milestone Construction is the general contractor.

“We are excited to be breaking ground on a Legacy full service banking center in what we believe is the best possible location in Pinnacle for convenience and long term growth. With the opening of the Arkansas Music Pavilion and the future retail and office center along Pauline Whitaker, we could not be more pleased to be part of this dynamic growth. As a Northwest Arkansas small business serving small businesses and families, our expansion will create not only new banking service convenience but also new jobs,” said Patrick Swope, Legacy’s chief operating officer.

Legacy National Bank recorded net profits of $2.028 million in 2013, growing the bottom line profits from $1.133 million in the prior year. The bank is flush with capital of $37.35 million, with a Tier One capital ratio of 12.56% which is within the 87th percentile of peer banks, according to the Federal Deposit Insurance Corporation. In 2013, the bank had a return on assets of 0.76%, improving from 0.43% the prior year. The benchmark return on assets for community banks is 1.0%. Legacy has total assets of $278 million. 

Legacy’s local board of directors include its Chairman Gary George, Mary Kathryn Brown, Loyd Swope, Steve Stafford, Gary Jech, David Harris, Patrick Swope and Don Gibson.