Signature Bank to Open New Office in Siloam Springs

Fayetteville-chartered Signature Bank of Arkansas has received approval to open a full-service office in Siloam Springs, and it plans to do so on Dec. 6.

The bank applied for the location with the Arkansas State Bank Department on Oct. 27, and received approval from the ASBD and Federal Deposit Insurance Corp. on Nov. 23.

Signature, which had $167.6 million in assets and $123.5 million in deposits as of Dec. 1, will seed the temporary office with about 10 bankers, including three it hired away from Liberty Bank of Arkansas in September.

Of the 18 unique institutions doing business in Benton County, only four had offices in Siloam Springs, not including Signature’s.

Signature, which officially opened May 9, will have three deposit-taking offices — including Fayetteville and Springdale — more than any of the start-ups announced during the banking boom of 2004. Principals plan to have a deposit-taking office open in Bentonville by the end of January.

Oh yeah, and as if Signature’s asset and deposit figures weren’t impressive enough, the bank is in the middle of its third stock subscription. This offer is to the tune of about $20 million, said Marilyn Hendricks, Signature’s vice chairman and chief operating officer.

Signature’s holding company, White River Bancshares, set a state record by collecting more than $44 million in start-up capital in January.

The original stock subscription was to close Dec. 16, 2004, but the group collected an additional $7.5 million in capital, so they re-subscribed for a greater amount and closed that subscription on Dec. 21, 2004.

Again, more capital than was allowed in the second offer came rolling in, and principals had to turn investors away. But Gary Head, chairman and CEO, had said there would eventually be this third offer for those who got left out in the cold.