One of the fastest growing banks in Arkansas is about to build the largest bank complex in Northeast Arkansas.
First National Bank of Paragould will begin construction on a 60,000-square-foot financial park at 3500 East Johnson Ave., according to information from the company. How much the project will cost was not released. First National Bank business development officer Blake Guinn told Talk Business & Politics the final costs are still being formulated.
“We are excited about this addition to our facilities in Northeast Arkansas,” bank board Chairman Bill Brewer stated in a release.
Talk Business & Politics sent email inquiries to Brewer. As of Tuesday afternoon those questions had not been answered.
When the building is complete it will be the largest financial institution in terms of physical size in the region, Guinn said. The tentative completion date is the spring of 2018. Bank officials are not sure if the new building will require them to hire more employees.
The new bank will include a community room for conferences and other events, and it will also have an outdoor terrace. Construction will include an underground parking facility that can house 50 vehicles. Some space within the new complex will be used as commercial leasing space, Guinn said.
Once the new building is complete, the bank on the same property will be demolished. There will be no disruptions to customer service, Guinn said. The bank will keep its headquarters in Paragould.
First National Bank has 206 employees at 14 locations in Northeast and Northwest Arkansas. The company began in 1889 in Paragould, according to bank information, and it primarily specializes in agriculture loans. The company had assets totaling more than $1 billion as of June 30, according to the Federal Deposit Insurance Corp. The total includes $113 million in equity bank capital. Through the end of June, the bank had a net income of $6.1 million, according to the FDIC. The bank’s assets totaled $630 million in 2009.
In recent years, the bank has grown, opening branches in Northwest Arkansas and in Heber Springs, Guinn said. During the last several years the bank has doubled its locations to 14. It has three locations in Jonesboro.