Valley Bankers Seek Purchase

A group of investors is seeking $10 million in private stock subscriptions so they can purchase an unnamed south Arkansas bank and relocate its headquarters to Tontitown.
Jim Oldham, senior vice president with Valley Bank in Springdale, is one of the organizers. The Springdale site is a loan production office for Valley Bank of Moline, Ill., which opened about a year ago.
Oldham said the new business would acquire Valley Bank’s local loan portfolio of about $30 million and that the southern bank has excess deposits to fund more loans made in Northwest Arkansas.
The new venture — which may be up and running by June — would be called Valley Bank of Arkansas and controlled by a holding company named Valley Bancshares Inc.
Oldham said the bank will focus specifically on its return on equity. The business plan calls for two to three branches over the next three years. Oldham didn’t know where, but mentioned Siloam Springs and Gravette as possibilities.