Bank of England Buys Ozark Lending
by January 17, 2005 12:00 am 271 views
Ozark Lending Inc., which opened a Rogers loan origination office in April 2004, was recently bought out by England Lending, a wholly owned subsidiary of the Bank of England.
The Bank of England is chartered in the Lonoke County city of England, not in the British Isles. The bank’s subsidiary ventured into the market in late summer.
Tim McClung, a former vice president of commercial lending at Arvest Bank-Rogers, left the Walton family-owned entity to help start the England venture.
Details of the buyout are not being released.
Michael Cupples president of Ozark Lending in Little Rock, previously told the Northwest Arkansas Business Journal that his Rogers branch accounted for “about 5 percent of Ozark’s revenue.” But he also predicted that would grow to 50 percent in the coming years.
Cupples said Ozark was on pace to reach $130 million in revenue last year for its seven offices statewide.