Italian Restaurant Exits, Church Enters

We heard of a creative way one bank is dealing with some property that’s ended up in its foreclosure portfolio.

Signature Bank of Arkansas took back the 5,231-SF property at 992 E. Henri De Tonti Blvd. in Springdale, the former home of famed Mary Maestri’s restaurant.

There’s not an immediate buyer for property, which includes another 2,000-SF outbuilding and last appraised for $683,500, so the bank is allowing a church to hold services on the premises — rent-free.

Gary Head, chairman of White River Bancshares Inc., the holding company for Signature, said the church will keep up the property and do maintenance in lieu of rent, and that it will make the site more marketable when the right buyer comes along.

The City Church, relatively new to Northwest Arkansas, holds services at 10:30 a.m. on Sundays.