Legacy National Bank planning business merger with subsidiary
by April 28, 2021 9:03 am 1,569 views
Springdale-based Legacy National Bank and its subsidiary, Bank of Gravette, are scheduled to integrate business operations in early May. The two banks have operated separately and independently of each other since Legacy Bancshares Inc., Legacy’s holding company, acquired Bank of Gravette in June 2018.
“We are going to consolidate the [operating] platforms that both banks have and operate under one charter in the future,” said Brian Glenn, executive vice president and chief operations officer of Legacy National Bank. Glenn is also Bank of Gravette president. “Monday, May 3, we will open as one bank, so to speak.”
Glenn said efficiency motives are behind the move, and customers should not perceive it as a drastic step. Bank of Gravette customers will be able to conduct business in any Legacy National Bank location.
“At the end of the day, for banking or any other service industry, if the people change, then it’s more material,” Glenn said. “But with this process, the very same bankers will be in their very same offices doing the very same things. It’s just flipping the switch so that banks are on the same platform.”
Bank of Gravette was founded in 1898 and includes locations in Hiwassee and Centerton and the main branch in Gravette. Glenn said Bank of Gravette will keep its trade name at the Gravette location. The Hiwassee and Centerton locations will rebrand to Legacy National Bank.
“We think [maintaining the Bank of Gravette name] is very important to the community, and it’s important to me,” Glenn said.
Bank of Gravette is Benton County’s oldest bank. It was founded originally as Bank of Gravett–without the “e”– but the historical misspelling was corrected in 2019.
Legacy launched in 2005 and has six branch offices in Springdale (3), Bentonville, Fayetteville and Rogers.
According to the latest data available from the FDIC, Legacy National Bank had $637.6 million in assets as of Dec. 31. On the same date, the Bank of Gravette reported assets of $136.1 million.