Fort Smith-based First Bank Corp. has acquired Poteau, Okla.-based Central National Bank in a deal that will grow First Bank Corp deposits by 20% and further expand the bank holding company’s reach in eastern Oklahoma. Terms of the deal were not disclosed.
First Bank Corp. is the holding company that owns First National Bank of Fort Smith, First National Bank of NWA, Citizens Bank and Trust in Van Buren, National Bank of Sallisaw, and BHC Insurance. Prior to the Central National deal, the bank holding company has 28 offices in the Fort Smith metro, Northwest Arkansas and eastern Oklahoma.
Central National Bank was formed in 1901 and has six locations – five in LeFlore County and one in Haskell County – with most recently reported deposits of $249.947 million.
“Central National Bank has an excellent reputation in communities across Eastern Oklahoma due to their outstanding staff and their commitment to service excellence. We are excited to have the opportunity to expand First Bank Corp. through this partnership with another community bank who shares our values. We are committed to assisting Central National Bank and its excellent banking team in continuing its legacy of leadership in serving families, businesses, and communities throughout Eastern Oklahoma,” Sam Sicard, CEO of First Bank Corp., noted in a statement.
Central National will continue to operate under its existing bank brand.
“By joining forces with First Bank Corp., we move forward with the resources to invest in advanced technologies, and expand lending capacity and product offerings for our customers,” Steve Holton, chairman and CEO of Central National Bank, said in a statement. “Most importantly, this partnership allows us to continue to operate as Central National Bank, with the same professional staff providing the personal service that our customers value. We are very excited to join the First Bank Corp. family and contribute to their legacy of superior banking and community service.”
As of June 30, 2020, the most recent info available from the Federal Deposit Insurance Corp., First Bank Corp. reported $1.233 billion in deposits, giving it a 23.29% market share in the Fort Smith metro, which is the most in the area. Arvest Bank was second in the metro with a 17.15% market share.