Lenders Waste No Time Pouncing on Vacated IberiaBank Locations

Louisiana-based IberiaBank, a subsidiary of publicly traded IberiaBank Corp., closed branch locations in Springdale and Fayetteville on March 21.

Other lenders wasted no time to pounce on the properties.

Searcy-chartered First Security Bank has paid $1.65 million for a 3,807-SF building at 2710 E. Mission Blvd. in east Fayetteville. David Russell, president of First Security’s Fayetteville market, said the bank will relocate its east Fayetteville branch out of leased space in a strip center that sits just a few hundred feet away. The office was established in February 2000.

Russell said the move should occur by mid-summer, after some cosmetic improvements are made to the building.

In Springdale, Iberiabank unloaded a 6,237-SF building at 3942 Elm Springs Road for $1.35 million.

The buyer? Armstrong Bank of Oklahoma, which entered the market last year with the acquisition of Benefit Bank of Fort Smith. It has four branches in Fort Smith and another on the west side of Springdale on Isaac’s Orchard Road. Benefit opened the office as an LPO in 2008, and Armstrong converted it to a full-service branch last fall.

That branch, too, is in leased space. Gary Andrews, regional president of Armstrong’s Arkansas market and based in Fort Smith, also expects the branch relocation to take place this summer after some minor building upgrades are completed.