Bob King named new Bank of Fayetteville president

The Bank of Fayetteville will get a new president with the departure of Mary Beth Brooks, who is stepping away from that role following the bank’s acquisition by Farmers & Merchants Bank of Stuttgart, which was finalized Nov. 30.

Bob King has been named community bank president for the Bank of Fayetteville, effective Friday, (Dec. 18), according to Gary Hudson, CEO for Farmers & Merchants Bank.

“We have full-faith and confidence in Bob, knowing he will lead our team with the same enthusiasm and focus he has exhibited during his long tenure at the Bank of Fayetteville,” Hudson said in the release.

King has spent 16 years at the Bank of Fayetteville, and has worked as executive vice president of lending since July 2004. He has more than 35 years of bank experience.

“I am honored to be appointed … and I’m committed to preserving the mission of our founders to be the premier community bank in Northwest Arkansas,” said King. “Our merger with Farmers and Merchants Bank brings new opportunities and services for our customers, partners and community.”

King said he’s looking forward to playing an active role in all areas of the bank as it continues to assist with civic and cultural organizations, help small businesses and improve and expand the bank’s economic status.

John Dominick, a professor at the University of Arkansas, applauded the bank’s selection of King to carry the torch forward.

“It’s a very smart move on their part,” Dominick said about King’s appointment. “Bob knows the banking market in Northwest Arkansas, which will help Farmers and Merchants acclimate to a different market. He is also in charge of lending at the Bank of Fayetteville, which will  greatly help F&M retain loan customers, which is crucial to the bank’s continued growth.”

Dominick was also a charter shareholder of the Bank of Fayetteville, and said he was pleased with buyout price offered by Farmers & Merchants. Dominick said shareholders received a cash payment of more than $51 for each share owned.

Hudson recently told Talk Business & Politics there would be few changes under the new ownership. He said Brooks has done a “remarkable job” as president and CEO who was handpicked by founder John Lewis.

Brooks chose to step away from the bank as soon as the transfer was completed. She has said it is a bittersweet decision given her tenure at the bank.

“Mary Beth is a very smart business person who will have a lot of opportunities if she wants to jump back into finance. I know she’s also focused on her family at this time,” Dominick said.

Hudson said all of Bank of Fayetteville employees have been offered jobs through at least June of next year. He said the Bank of Fayetteville will keep its name and said keep as many of the local staff in place as possible to provide the stability customers expect. Also, Hudson pledges customers the same decision time on loan applications.

“We hope to keep the majority of this Fayetteville staff in place. There may be a few positions (10-15) or so that are eliminated, but there will be at least that many more new jobs created in the process of the consolidation,” Hudson said in a recent interview. “The Bank of Fayetteville will operate like a branch of Farmers and Merchants Bank. All federal reporting will be done on the same call report, but both banks will continue to support their respective communities.”

He expects the transition to be a smooth with synergies already in place. He said the two banks were already using the same loan review and loan compliance systems.