Generations Bank is planning to build a new branch location on Southwest I Street in Bentonville, near the entrance to the Bentonville Community Center.
In July, the bank completed a $657,500 land purchase for the 2.13-acre site, which equals $7.86 per square foot. The seller was a Missouri-based investment group led by John F. Youngblood, which purchased the land (13.64 acres) two years ago for $1.79 million, a purchase price of $3.02 per square foot.
Generations Bank chairman Jon Harrell said construction won’t begin until next spring. The bank will occupy roughly a third of an approximately 12,000-square-foot building. The remainder will be available for lease.
“We felt like we needed a presence in Bentonville,” said Harrell, who’s also vice chairman of the Arkansas Bankers Association’s executive committee. “It’s part of our long-term strategy to be a player in Northwest Arkansas. The I Street corridor is attractive and appeared to be a good spot.”
The Generations Bank site is in a rapidly developing part of the city. It sits between a $25 million luxury apartment community under construction by the Missouri developers, and a $7.7 million primary care clinic owned by Mercy Northwest Arkansas. It opened its doors in March.
Generations Bank was chartered in 1907 and changed its name from First Bank in 2016. The company had assets of $477.32 million as of March 31, according to the Federal Deposit Insurance Corp., and is a wholly owned subsidiary of Harrell Bancshares Inc., headquartered in the south Arkansas community of Hampton. The bank has nine locations across the state, including one full-service branch in Rogers, Fayetteville, Siloam Springs and Van Buren.
According to the FDIC, Generations Bank will be the 17th lender to operate a full-service branch in Bentonville.