Citizens Bancshares Inc. of Batesville, the holding company for The Citizens Bank, has received regulatory approval for its proposed acquisition of Parkway Bank of Rogers.
Citizens Bank president and CEO Phil Baldwin made the announcement Monday. The bank now has more than $750 million in assets and 16 branch locations in Arkansas.
Although the merger is effective immediately, the two banks will operate separately under their current names until approximately mid-2016, until their banking systems can be consolidated.
“We are pleased to have regulatory approval to move forward with our merger of these two community banks,” Baldwin said in a news release accompanying the announcement. “This is an excellent opportunity for Citizens to expand and enhance its existing bank franchise in Arkansas.”
It was previously announced that Bob Taylor, Parkway’s former president and CEO, would remain with Citizens in the position of Northwest Arkansas Regional CEO to assist with integration activities and customer relations in Northwest Arkansas.
When the merger is complete, Taylor will become executive credit officer, with bank-wide responsibility for lending activities and credit decisions.