Eureka Springs Bank Looks to Expansions
by May 19, 2008 12:00 am 91 views
The 96-year-old Bank of Eureka Springs will change its name to Cornerstone Bank this fall, pending approval from the Arkansas State Bank Department.
The name change is part of a strategy for the bank to expand regionally, said Charlie Cross, president and CEO.
The bank’s shareholders approved plans for a Berryville location on May 13, and construction on that office should be in full swing this summer, Cross said.
Cross said the bank is looking at some select targets for future de novo branches but he does not rule out the possibility of acquisition of other banks if the right opportunity arises. He would not elaborate on the communities the bank is eyeing, citing competitive advantage.
Cross said there will be a future announcement of the Berryville location’s management and hinted that it may be someone from the Benton or Washington county markets.
The Bank of Eureka Springs operates three offices and had $109.8 million in assets and $84.5 million in deposits as of Dec. 31.