Oak Tree Financial acquires Riverside Bank

Rogers-based holding company Oak Tree Financial Corp. has acquired Riverside Bank, which has branches in Little Rock and Sparkman, Ark. Financial terms of the deal were not disclosed. As of Sept. 30, Sparkman-based Riverside Bank had total assets of $59.94 million, according to the Federal Deposit Insurance Corp.

Oak Tree Financial was established in 2023 by a shareholder group with a shared belief in the value of building a community bank in parts of Arkansas, including Riverside Bank’s existing market areas. Riverside Mortgage previously had a Fayetteville office, and Riverside expects to be active in Northwest Arkansas again soon.

Longtime banker Robert “Rob” Robinson IV has joined Oak Tree and Riverside and is president and chief operating officer of both. Robinson is a former chairman of the Arkansas Bankers Association and a Simmons Bank executive. Rogers attorney Conner Eldridge is chairman and CEO of Oak Tree and Riverside.

Robinson and Eldridge have joined Riverside Bank’s existing management team, led by Stephen Davis and includes Robert Dudley and Spencer Davis. Stephen Davis will remain with the bank as executive vice president, a member of the management team, and director of Riverside and Oak Tree. Robert Dudley will also remain on the bank’s management team as executive vice president, and Spencer Davis will continue to serve as a senior vice president, focused on mortgage lending.

“At Oak Tree Financial, we are thrilled to have closed on the acquisition of Riverside Bank,” Eldridge said. “Stephen and his team have done a great job with Riverside, and we are excited that a strong management team including Rob, Stephen, and Robert remains committed to this great bank and its future. Together, we are passionate about building Riverside and serving Arkansas communities going forward.”

Eldridge previously worked in senior executive positions at Summit Bank and Summit Bancorp earlier in his career before serving as U.S. attorney for the Western District of Arkansas and as an attorney with Eldridge Brooks Partners, a Rogers law firm he co-founded. Eldridge will continue to practice law with Eldridge Brooks while also focusing on Oak Tree and Riverside.

Robinson has more than 30 years of experience in the banking industry, most recently with Simmons Bank, where he was president and CEO of Simmons First Bank of El Dorado, community president – El Dorado and senior credit officer. Robinson was chairman of the Arkansas Bankers Association in 2020.

“Riverside Bank has a rich history as a community bank operating in central and southwest Arkansas,” Robinson said, “I am excited to join its management and ownership team along with Conner and OTFC. As an experienced community bank executive, my industry knowledge and banking philosophy complement both OTFC and Riverside Bank. I am excited about this opportunity and am ready to support and build on the bank’s strategic initiatives.”

Stephen Davis has led Riverside Bank and Riverside Mortgage for about 30 years. Dudley has been part of Riverside Bank’s management for over 20 years and previously worked in various roles for several banks. Robinson and Dudley served as bank examiners with the Arkansas State Bank Department and OCC, respectively, early in their careers. Spencer Davis has worked at Riverside Bank for 15 years, with a focus on mortgage lending.

“I look forward to the future of Riverside Bank under Conner’s leadership with the support of the new shareholders and management team that he has organized,” Stephen Davis said. “I am very excited to remain a part of the bank’s continued growth.”