GRAVETTE -- Legacy BancShares, which owns Legacy National Bank of Springdale, has agreed to buy Bank of Gravett in Gravette, Legacy National Bank said Friday.
Terms of the transaction were not disclosed. The deal is expected to close this summer.
Bank of Gravett, which was founded in 1898, had $114 million in assets on Dec. 31 and locations in Gravette, Hiwasse and Centerton.
Legacy National Bank had assets of about $460 million on Dec. 31 and five locations in Fayetteville, Rogers and Springdale, and a sixth location that will open in Bentonville this summer.
With the addition of Bank of Gravett, Legacy National Bank will become stronger both in terms of size and presence in Benton County and four Washington County locations, said Patrick Swope, chief executive officer of Legacy National Bank.
Rick Pollreis, chairman of Bank of Gravett, will remain with Legacy as executive vice president and city executive of Gravette for the Bank of Gravett.
General News on 05/09/2018