Legacy Bank Becomes Official
by March 28, 2005 12:00 am 74 views
Legacy National Bank of Springdale is now officially a bank. It received its full approval from the Office of the Comptroller of the Currency on March 23.
It had received conditional approval from the OCC on Jan. 26 and Federal Deposit Insurance Corp. approval on Feb. 8.
The investment group raised about $10 million in capital to start the bank according to paperwork filed with the OCC.
Although the institution, which is headed by President Don Gibson, won’t officially open until sometime in mid- to late-April, Vice President Danny Dotson said it will be able to start taking deposits beginning the week of March 28.
Legacy’s first office will be at 40th Street and U.S. Highway 412 in Springdale. There are nine existing institutions with 26 unique offices in Springdale competing for about $929 million in deposits.