Springdale-based Legacy National Bank is in the preliminary phase of a Washington County expansion.
In May, Legacy completed two land deals worth a combined $110,000 to assemble land at 205 W. Pridemore Drive (U.S. Highway 62) in Lincoln. President and CEO Patrick Swope said the company would break ground in November on a 4,000-square-foot branch. The 0.74-acre site is catty-cornered from the U.S. Post Office.
In September, Legacy paid $1.1 million for three lots totaling 4.13 acres north of U.S. Highway 62 along North Holland Drive in Farmington. Swope said there are no imminent development plans, but the bank will eventually develop a retail banking office at the site.
Swope, a 1991 Lincoln High School graduate, said developing the Lincoln branch is the company’s priority before focusing on the Farmington location.
“We are excited about expanding our services to more people in Washington County,” he said. “As this area grows, we are growing to better serve the needs of our community.”
Arvest Bank, First Security Bank and The Bank of Fayetteville are the only banks with a branch in Farmington. Arvest Bank and Simmons Bank have branches in Lincoln.
Legacy launched in 2005 and has nine locations in Benton and Washington counties. The company built its first three locations in Springdale before branching out with a banking center on Joyce Boulevard in Fayetteville that opened in 2013. A Rogers location opened on Pauline Whitaker Parkway in 2014. A sixth banking center opened in 2018 in Bentonville, at the southwest corner of Walton Boulevard and Southwest 28th Street.
The bank added three locations in Centerton, Gravette and Hiwasse earlier this year when it merged with its subsidiary, Bank of Gravette. The two banks previously operated separately and independently since Legacy Bancshares Inc., Legacy’s holding company, acquired Bank of Gravette in June 2018.
According to the latest data available from the FDIC, Legacy National Bank had $875.9 million in assets as of June 30.