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SPRINGDALE -- Patrick Swope, president and CEO of Legacy National Bank, headquartered in Springdale, announced Monday that regulatory approvals had been received and Legacy BancShares Inc., parent company of Legacy National Bank, has completed the acquisition of Gravett Bancshares Inc. and its subsidiary Bank of Gravett through a merger with Gravett Bancshares.

Effective as of the close of business on July 6, the Bank of Gravett became a sister bank of Legacy National Bank. The combined assets of the two banks resulting from this transaction total approximately $572 million.

Bank of Gravett and Legacy National Bank will continue to operate separately, and Rick Pollreis will remain at the Bank of Gravett in the position of executive vice president and city executive of Gravette. There are no plans to make any changes to customer accounts at this time, and customers do not need to do anything as a result of this transaction. If customers have questions, they should contact their local branch office.

"We are pleased to welcome the employees and customers of Bank of Gravett to the Legacy banking family," Swope said. "With the addition of the Bank of Gravett, we are stronger both in terms of size and presence in Benton County. We are happy to add such a strong community bank to our organization."

Legacy National Bank is a full-service community bank with five locations serving Fayetteville, Rogers and Springdale and a sixth location opening in Bentonville this summer. Bank of Gravett has three locations in Gravette, Hiwasse and Centerton.

General News on 07/11/2018

Print Headline: Legacy Bancshares completes acquisition of Gravett Bancshares and Bank of Gravett

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