Purchase From Paragould

Remember when the Whispers staff told you last summer that First National Bank of Paragould was planning to make a big splash in Northwest Arkansas?

Consider the splash made.

The bank’s holding company, First Paragould Bankshares Inc., closed Oct. 1 on the purchase of five empty bank branches belonging to Pine Bluff-based Simmons First National Bank in Benton and Washington counties.

Selling price? A combined $12.2 million. The fully furnished properties are in Bentonville (300 S.E. Walton Blvd.; 3,552 SF; $1.75 million), Rogers (3701 Pinnacle Hills Parkway; 22,854 SF; $4.69 million), Fayetteville (2691 E. Mission Blvd.; 4,447 SF; $2.41 million), Johnson (4000 Great House Springs Road; 3,329 SF; $1.87 million) and Springdale (1950 S. Pleasant St.; 3,502 SF; $1.48 million.)

The bank was represented by Jason Gazaway with Gazaway & White Real Estate in Jonesboro.

Jessica and Matthew Dearnley with Flake & Kelley Commercial Northwest in Springdale represented Simmons, which received the asking price on all five properties.

Donald Guinn, president and CEO of FNB, did not want to go on the record with Whispers about all this real estate activity.

He may be keeping quiet, but it certainly looks like the bank’s entry into the Northwest Arkansas market is coming into focus.

FNB, an $800 million asset bank, has eight branches in northeast Arkansas and will soon open its ninth location — about 130 miles away from Paragould in Heber Springs.

The community bank president in Heber Springs, by the way, will be Stan Lee, one of the best amateur golfers in Arkansas history. He won the United States Golf Association Senior Amateur championship in 2007, and even played on the PGA Tour for a short time as a younger man. And from what we know of Lee, his occupation has been in the insurance industry, not banking. But he is well thought of, connected and respected in Heber Springs.

Makes us curious about the kind of person FNB might have in mind when it launches in this corner of the state.