Citizens Bank completes the acquisition of Parkway Bank

Parkway Bank in Rogers will keep its name, but its acquisition by Citizens Bancshares of Batesville has been completed, according to CEO Phil Baldwin.

The transaction close is effective immediately. However Citizens Bank and Parkway Bank will continue to operate as separate banks until banking systems can be consolidated, which is scheduled for mid-summer of 2016, Baldwin said.

“We are pleased to have regulatory approval to move forward with our merger of these two community banks,” stated Baldwin said. “This is an excellent opportunity for Citizens to expand and enhance its existing bank franchise in Arkansas. “Customers will not experience any changes at this time, which includes the Parkway staff and management.”

Bob Taylor, president of Parkway, will assume the role Northwest Arkansas Regional CEO to assist with integration activities and customer relations in this region. After the integration is completed, Taylor will be the executive credit officer with overall responsibility for lending activities and credit decisions. Taylor said he will live in Northwest Arkansas.

With this transaction Citizens Bank will have total assets of more than $750 million and 16 branch locations in Arkansas.