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said. Southern is currently working with a group of banks, community leaders, non-profits, and the Federal Reserve to implement a statewide initiative to Arkansas called Bank On, which would leverage municipal engagement to improve financial stability of lowand moderate-income households by embedding financial empowerment strategies into local government infrastructure. Programs like this encourage the under-banked to transition away from the use of alternative financial services such check cashers and payday lenders. Southern encourages other banks to join in the efforts of social change by taking a look at their products and services, and evaluate whether those products can serve low-wealth people, or people who just don’t understand banking. “It takes intentionality to work in a positive way... And that’s why just being a bank is not enough if you’re trying to make a difference,” Williams said. “You’ve got to have intentionality to make a difference. We’re investing to empower people – and we may not see the fruits of our labor, but this truly is an investment that hopefully over time will pay off.”
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Arvest Bank recently announced it has entered into a definitive agreement to acquire Bear State Financial, Inc., the parent company of Bear State Bank. The acquisition, expected to close in the fourth quarter of 2017 or first quarter of 2018 pending customary regulatory approvals and subject to approval by Bear State shareholders, is an all-cash transaction valued at approximately $391 million. Bear State Bank operates 42 branches and three personalized technology centers in Arkansas, Missouri and Oklahoma, while Arvest operates more than 250 branches in Arkansas, Kansas, Missouri and Oklahoma. As of June 30, 2017, Bear State had total assets of $2.24 billion and total deposits of $1.7 billion in 34 communities. As of June 30, 2017, Arvest had total assets of $17.30 billion and total deposits of $14.98 billion in 120 communities. “This is a strategic move for us and one made after much careful consideration,” Arvest president and CEO Kevin Sabin said. “In addition to giving us the opportunity to expand into some new communities, this deal also allows us to strengthen our presence in some existing markets. “Because Bear State is such a solid company with dedicated employees – and because both banks are so committed to their communities – we believe this will be a great fit. From outstanding products and services to superior customer service, Arvest shares a lot of similarities to Bear State and we look forward to serving all of our customers – old and new – with the same courtesy, competency and care as we always have.” Of the 34 communities where Bear State operates, 18 are markets where Arvest has banking operations while 16 markets will be new communities for Arvest – most notably communities in northeast Arkansas, southwest Arkansas, southern Missouri and southeast Oklahoma. Arvest Bank and Bear State customers will not notice any immediate changes, and both banks will continue to conduct business as usual. A full conversion of systems and accounts will occur in 2018, and Arvest Bank will be communicating with Bear State customers over the next several months regarding their transition to Arvest Bank. Additionally, all those employed by Bear State on the date of contract closing will become employees of Arvest Bank. New communities Arvest looks forward to serving in Arkansas are: Ashdown, De Queen, Dierks, Glenwood, Jonesboro, Manila, Monette, Mount Ida, Nashville and Waldron. Arvest will enter the communities of Golden City, Kimberling City, Lamar and Marshfield in Missouri, and Broken Bow and Idabel in Oklahoma. Arvest Bank Announces Acquisition of Bear State
November 27-28, 2017 The Robinson Center | Little Rock www.arkbankers.org/ABA/WomenInBanking.aspx
Home BancShares Announces Stonegate Merger Approvals
Home BancShares, Inc., parent company of Centennial Bank has received approval from the Federal Reserve Board and the Arkansas State Bank Board of its applications for the previously announced merger with Stonegate Bank. Additionally, Home’s Form S-4 registration statement to register the shares of Home common stock to be issued to Stonegate’s shareholders in connection with the merger has been declared effective by the Securities and Exchange Commission. “Approvals by the Federal Reserve and the Arkansas State Bank Board and the effectiveness of the registration statement permit us to move ahead with the merger in a timely manner,” said John Allison, Home’s Chairman. “Obtaining regulatory approval less than five months from the announcement of the merger is a testimony to our Company’s preparedness and strategic planning for the integration of Stonegate into Centennial. We are ready to provide our shareholders, customers and communities with the benefits from this merger.” Under the terms of the agreement, Stonegate will merge into Centennial and shareholders of Stonegate will receive proceeds from the transaction of approximately $749.8 million, consisting of approximately $50.0 million in cash and approximately $699.8 million of Home common stock. In addition, the holders of outstanding stock options of Stonegate will receive approximately $27.8 million in cash in cancellation of their options immediately before the merger, for a total transaction value of approximately $777.6 million. The acquisition is expected to close in late September subject to Home and Stonegate shareholder approval. The respective Home and Stonegate shareholder meetings will be held on September 25, at Home’s headquarters in Conway, and at Stonegate’s headquarters in Pompano Beach, Florida. “We are pleased to have gained the required regulatory approvals and look forward to closing this acquisition next month,” said Tracy French, President and CEO of Centennial Bank. “The systems conversion, scheduled for the first quarter of next year, remains on track and the conversion and integration teams continue to work closely together to provide a smooth and seamless transition. We are very excited to be able to meet all of our customer’s banking needs throughout the combined 89 locations in Florida, as well as throughout Arkansas and Alabama.”
Cornerstone Bank held a groundbreaking ceremony for its new branch on Friday, September 15 at 1426 Hwy 65, in Harrison. “We are excited to begin construction on our highly anticipated project in Harrison. The reception we have received thus far from the community since opening our temporary location has been encouraging; however, we look forward to construction of this new state-of-the-art banking facility where we plan to lay down permanent roots. As one of the faster growing community banks in Arkansas, we are thrilled to continue with our aggressive growth pattern and trust that our brand of true community banking, delivered by local bankers who you know and trust, will resonate with the citizenry of Harrison and the surrounding area,” said Charles T. Cross, President & CEO, Cornerstone Bank. Cornerstone Bank, a 105-year-old, Northwest Arkansas-based financial institution with six locations throughout Carroll, Madison and Boone counties, has been expanding rapidly in recent years. The bank has been operating out of a temporary facility in Harrison since March of this year. The location is the first in Boone County for Cornerstone. Cornerstone Breaks Ground in Harrison
Arkansas Bankers Association Salute to Veterans The Arkansas Bankers Association is proud of the 20,000+ men and women who work within the Arkansas banking industry and the dedication they have to making our hometown banks successful. Many of those individuals have not only served their communities and banks, but also our country. In the October issue of The Arkansas Banker, the ABA will be recognizing banker veterans, active and reserve military personnel, and families for their service, sacrifice, and contributions to our nation. We will also highlight our veterans and the banks who employ them throughout the month. Please help us in compiling an accurate listing by submitting the names of banker veterans working in your bank to Traci Logsdon at traci.logsdon@arkbankers.org, no later than Friday, September 29, 2017.
ARKANSAS BANK DEPARTMENT APPLICATIONS & APPROVALS Merger Applications An application to merge Stonegate Bank, Pompano Beach, Florida, with and into Centennial Bank, Conway, Arkansas, has been approved. August 17, 2017. An application to merge First South Bank, Jackson, Tennessee, with and into Simmons Bank, Pine Bluff, has been approved. August 17, 2017.
Legislative Assistants: Chip Bartlett, Congressman French Hill’s Legislative Director It is all about connections. Congressman Hill’s new legislative director, Chip Bartlett, a Hot Springs native, traveled Arkansas during the August recess, meeting with bankers and forging relationships. One such stop occurred in the ABA board room to discuss legislation. The conversation began with BSA/ AML and the marijuana issue, which, Chip admitted, is not being discussed right now because, according to those on the Hill in Washington, the federal agencies have to speak to the matter first. However, that does not mean to stop sharing examples of the trickle effect the legalization of marijuana has on Arkansas’ banking industry. Chip asked for TRID stories; he needs as much detail and information as he can get regarding TRID. One banker declared TRID one of the most damaging pieces of legislation he had ever seen. Average home loans in his institution are $61,000. Another banker explained the customer service problems are even worse than the compliance costs. From CRA issues to HMDA box checking and the need for CECL guidance for small banks, the discussion ran the gamut and Chip left armed with anecdotes, facts, and suggestions on how to alleviate the burdens community banks feel. Please send customer stories to ava.roberts@arkbankers.org and they will be sent to Chip. For contact information for any of our delegation’s bank legislative assistants, contact Ava at 501-978-3606.
Emerging Leaders The ABA Emerging Leaders Council met at the ABA office in Little Rock on Friday, September 8. Present at the meeting were, from top, John Anderson, Malvern National Bank, Little Rock; Ben Ridings, Bank of the Ozarks, Little Rock; John Bollinger, Simmons Bank, Fayetteville; Ryan Moore, Centennial Bank, Jonesboro; Eduardo Abril, First State Bank of DeQueen, DeQueen; Hunter Windle, Malvern National Bank, Malvern; Brandon Gentry, Cross County Bank, Wynne; George Purvis, Cornerstone Bank, Eureka Springs; Sandy Starnes, Citizens Bank, Batesville; Blake Johnson, Evolve Bank, Jonesboro; Blake Fletcher, Stone Bank, Little Rock; Rachael Schwartz, Farmers Bank & Trust, Texarkana; and James Lyle, McGehee Bank, McGehee.
Simmons Bank Completes First South Merger Simmons First National Corporation, parent company of Simmons Bank, has announced the completion of the merger of First South Bank, headquartered in Jackson, Tenn., with and into its subsidiary, Simmons Bank. “Together with First South Bank, we offer increased regional size and strength, a more sophisticated product mix, and opportunities for our customers, associates and communities that wouldn’t be possible separately,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corp. Simmons has approximately $9.1 billion in assets, $6.2 billion in loans, $7.1 billion in deposits, 2,000 associates and more than 150 branch locations across Arkansas, Kansas, Missouri and Tennessee. “This conversion was the culmination of countless hours spent by an outstanding group of associates dedicated to not only making this transition possible but also making it a success,” said Marty Casteel, chairman and CEO of Simmons Bank. “It was a team effort that requires the support of our entire organization, and we look forward to serving our expanded presence in western Tennessee.”
Simmons Bank Announces Acquisition of Heartland Bank Through Public Auction
Simmons Bank has announced that it was the successful bidder at a public auction of all of the capital stock of Heartland Bank, Little Rock. The auction was held August 28 in order to satisfy certain indebtedness of Rock Bancshares, Inc., Heartland’s holding company. As the successful bidder, Simmons is now Heartland’s sole shareholder. “Heartland’s challenging circumstances have been well publicized over the past several months,” said Marty Casteel, Simmons’ Chairman, President and Chief Executive Officer. “Simmons’ immediate goal is to create a stable environment for that bank to continue providing its customers with the products and services they need.” Larry Bates has assumed the role of Heartland’s Chairman, President and Chief Executive Officer. “Larry is a fantastic leader with years of banking experience,” Casteel added, “and I am confident in his ability to manage the dayto-day affairs of this institution.” Bates noted, “I am excited about this opportunity and look forward to joining with Heartland’s associates as we work to enhance the organization and service its customers.” Steve Wade and Lisa Hunter were also named Executive Vice Presidents of Lending and Operations, respectively. Following the auction, Simmons and Heartland remain separately chartered state banks, although Simmons is evaluating its next steps with respect to the institution.
Even as many banks rush to meet the digital demands of their customers and prospects, a majority of those customers still prefer to apply for a mortgage loan in person. That is according to a recent survey conducted by the American Bankers Association. The survey indicated that while 61 percent of consumers say it is important for their bank of choice to offer mobile and online services for applying for a mortgage or making mortgage payments, an almost identical number – 60 percent – prefer to apply in person. Conversely, only 17 percent said they would apply online. Another 23 percent were undecided. “There are a lot of details and a lot of options to work through when applying for a mortgage loan, and many consumers want that added peace of mind that comes with walking through a big purchase with a financial expert,” said Eric Cullum, mortgage loan manager for Arvest Bank in Little Rock. “Consumers who are familiar with the process may choose to begin their application online, which is a very convenient tool; however, it’s good to touch base with a mortgage representative in person for the most comprehensive review of their mortgage needs at some point in case there are changes or options the applicant needs to be aware of.” Perhaps surprisingly, the in-person preference held true across all age demographics in the AmBA survey. While the highest percentages of those who preferred face-to-face interaction were in the 55 to 64 (65 percent) and 65-plus (64 percent) age groups, those 18 to 29 (58 percent) and 30 to 44 (57 percent) favored the in-person process slightly more than those age 45 to 54 (55 percent). Cullum said information surrounding a number of factors – such as qualifying, interest rates and types of mortgage loans – often is easier to obtain and understand with an in-person meeting. He said first-time homebuyers, in particular, may benefit from working with a mortgage expert to get pre-approved for a loan, before they begin their search for a home. Pre-approval or pre-qualification makes first-time homebuyers better-equipped to meet with realtors or builders. “Our goal is to not only serve as a lender but, equally important, to make sure our customers are successful in meeting their financial goals today and down the road,” Cullum said. “Their mortgage loan usually is the biggest piece of their overall, longterm financial plan.” The AmBA study also identified some of the most common obstacles that deter consumers from applying for a home loan. Down payments, property taxes, maintenance and student debt were the most-cited factors. All of those things, Cullum said, are why applying for a mortgage in person can be beneficial whether the buyer is purchasing their first home or their dream home. “With long-term interest rates hovering around 4 percent, it’s still a good time to buy,” Cullum said. “And while we’re happy to meet prospective buyers in the digital space if that’s what they prefer, finding ways to overcome of these perceived barriers can be easier when we meet them face-to-face.” Consumers Prefer In-Person Option When Applying for a Mortgage
The Arkansas State University Alumni Association has announced that Joe Miles of Mountain Home, retired Maj. Gen. James E. Simmons of Port St. Joe, Fla., and Beth Smith of Jonesboro have been named as the recipients of its 2017 Distinguished Alumni Awards. The awards will be presented during Homecoming on Saturday, Oct. 14. This is the 34th year the association has recognized the university’s most outstanding alumni, and each of the recipients has attained an outstanding record of professional and civic achievements, in addition to giving extraordinary support to Arkansas State. “Congratulations to Joe, James and Beth for being selected as 2017’s A-State distinguished alumni,” said Margo Aufderheide Kagebein of DeWitt, president of the Alumni Association. “The Alumni Association’s board of directors selects the recipients annually, and these three individuals are certainly deserving, based on their professional achievements, community service and devotion to Arkansas State University.” Actively engaged in community banking for almost 40 years since Joe Miles earned his Master of Business Administration from Arkansas State in 1977, Miles is currently president of Integrity First Bank of Mountain Home and a member of the Integrity First Bank board of directors. Miles earned his Bachelor of Science in marketing from A-State in 1974, and since that time has served his alma mater as a member of the ASU Foundation Board of Directors from 1993-96 and again from 2009-present, including his role as chairman from 2014-16. A former member of the A-State Alumni Association Board of Directors and a 1924 Sustaining Life member, Miles is a member of the Board of Regents at the Barret School of Banking in Memphis, former chairman of the Arkansas State Police Retirement System Board of Trustees and past president of the Mountain Home Area Chamber of Commerce. An Eagle Scout, a member of Sigma Phi Epsilon fraternity and former chairman of the Arkansas Bankers Association, Miles was described by his nominators as someone whose “commitment to the success of Arkansas State University is unquestioned,” and someone who “through his vision and leadership skills, has done an outstanding job of advancing the ASU System. In an increasingly complex arena, he has proven his ability to serve the needs of the public and to earn the trust of those he serves.” Joe and his wife Kathryn have four children, Lynli, Evelyn, Emily and Elizabeth. I. Joe Miles Named Among A-State Distinguished Alumni
WESTON NAMED ASSISTANT VICE PRESIDENT AT CORNERSTONE BANK Jason F. Tennant, Executive Vice President and Chief Lending Officer, Cornerstone Bank, is pleased to announce the promotion of Landry Weston to Assistant Vice-President Loan Officer/ Credit Analyst/Appraiser at Cornerstone Bank in Berryville. Weston’s current duties include lending, credit analysis and inhouse appraisal services for the bank. Tennant stated, “We are very pleased to have Landry in our bank’s family as he continues to handle all of his many duties with the utmost professionalism. Landry works very hard for our clients and has earned this promotion. He has been an integral part of our rapid growth in the Eastern District of Carroll County.” Landry is a Mississippi native and is a graduate of The University of Southern Mississippi. He has a strong background in sales and customer service. He and his wife Kim, along with his two children Isaac and Amelia, reside in Berryville.
SIMMONS BANK WELCOMES NEW SENIOR VICE PRESIDENT AND TRUST OFFICER
Simmons Bank is excited to welcome S. Lee Rush, who will serve as senior vice president and trust officer for the bank’s wealth management group. Rush joins the Simmons Bank family after 18 years serving in various roles with Regions Private Wealth Management. Rush began his career at Regions in 1999 as vice president and trust officer for Regions in Little Rock. In 2005, he took on the role of vice president of business development. Two years later, he was promoted to senior vice president and Little Rock trust manager. Since 2012, he has served as the Arkansas area business manager. He brings to Simmons Bank his years of experience in leadership, professional development and administrative management skills. Rush received a Bachelor of Arts degree in political science from the University of Arkansas in Fayetteville and graduated with a Masters of Public Administration from UA Little Rock. He was an honor graduate of the Arkansas Bankers Association Trust School, attended Cannon Trust School and is a graduate of the Little Rock Regional Chamber of Commerce Leadership Greater Little Rock Class XXVI. Rush has served on the boards of the Arkansas Repertory Theater, Historic Arkansas Museum, and Centers for Youth and Families. He is former president and treasurer of the Central Arkansas Estate Council in Little Rock.
CAMERON STONE JOINS STONE BANK AS LENDING OFFICER
Cameron Stone of White Hall has joined Stone Bank in White Hall as a lending officer. Stone has held positions at Rabo Agri Financing and Centennial Bank. He completed his undergraduate degree in agriculture business, marketing and management and a master of science in agriculture economics from the University of Arkansas at Fayetteville.
SHANN CARPENTER PROMOTED AT FNB CROSSETT
Gary Brannon, President & CEO of First National Bank of Crossett announced the promotion of Shann Carpenter to FNBC’s Board of Directors and to the position of Executive Vice President, CFO & COO. “Shann has served an integral role in the financial and operational operations and is now being rewarded for her hard work, dedication and professionalism,” said Brannon. Shann’s leadership has helped transition FNBC’s day-to-day operations and efficiencies into a high performance bank. Brannon states, “We are just getting started with the forward progress of FNBC and Shann will help us lead the way with her newly appointed promotions.” Carpenter is 1998 graduate of Crossett High School and obtained her BBA degree in Accounting from the University of Arkansas at Monticello. She is a 2016 graduate of the Graduate School of Banking at LSU. Shann serves as President of the Greater Crossett Area Food Pantry, Past President and current Treasurer of the Kiwanis Club of Crossett, Treasurer to the Ashley County Single Parent Scholarship Foundation, and Treasurer of Crossett Area Chamber of Commerce. Mrs. Carpenter was 2013 Kiwanian of the Year and 2016 Director of the Year for the Crossett Area Chamber of Commerce. She and her husband Shawn reside in Fountain Hill and have two sons, Eric and Kyle. Dr. Ben Walsh, Chairman of the Board of First National Bank of Crossett stated, “The Board of Directors is extremely pleased with the addition of
Ms. Carpenter to its ranks. Her business and leadership skills will prove of great value and assistance to the Board as FNBC continues their mission to provide a broad range of financial services to individuals and businesses in Ashley County.”
Gary Brannon, President & CEO of First National Bank of Crossett announced the promotion of Cody Hollis to the position of Senior Vice President & Senior Lender. “Cody is a tremendous asset to FNBC as his contributions to the lending department are based on his excellent customer service, his leadership and supervision of our loan department administration as evidenced by FNBC’s growing and quality loan portfolio”, Brannon says. Cody, along with all lending staff employees, have converted FNBC’s loan department into a high performing, quality, efficient, growing and user friendly department. Brannon also states “FNBC is the market leader in Ashely County with products, services and contributions to our growing bank family. Current management recognizes Cody’s potential and this promotion reflects our confidence and trust in Cody to be all that he can be and this added level of leadership will continue to add value and quality to each FNBC’s customers that they expect and deserve.” Cody, a Fountain Hill native, graduate of Trinity Christian Academy and the University of Arkansas at Monticello with a Bachelor of Business Administration, with an emphasis in Finance. FNBC is proud to say that Cody recently completed his graduate banking degree at the Graduate School of Banking in Colorado, which will continue to elevate his banking skills. Cody is also a recent Employee of the Year at FNBC and serves on the Ashley County Skilled Word Center Board of Directors.
ANGELA CARPENTER PROMOTED AT FNB CROSSETT
Gary Brannon, President and CEO of the First National Bank of Crossett announced the promotion of Angela Carpenter to Vice President, Deposit Services following the July board meeting. “Angela represents the tenacity and work ethic that has made this institution great, and we are very excited about her promotion and her continued contribution to the Bank. She represents a new generation of bankers at FNBC – strong customer service skills and efficient application of technology in a community bank,” said Brannon. Carpenter began her banking career with First National Bank of Crossett in 2006 as a teller at the main bank. She transferred to the Customer Service Department as a Customer Service Representative in 2009, was named Customer Service Manager in 2012, and in 2015 was promoted to Deposit Services Officer. Mrs. Carpenter, a Wisconsin native, is a graduate of Freedom High School. Prior to joining FNBC, Angela worked in the construction industry assisting with cost management of projects. She graduated from the Barret School of Banking in 2016 and has attended numerous Arkansas Bankers Association Schools. In her spare time, she enjoys spending time with her family. She and her husband Jamie reside in Crossett with their two sons, Lane and Jayce, and daughter, Aydan.
STONE BANK ANNOUNCES FOUR PROMOTIONS Stone Bank announced four promotions at two locations.
Shelia Cannon, a customer service representative at the bank’s White Hall location has been promoted to Vice President; Sandy Straessle, customer service representative in Little Rock has been promoted to Assistant Vice President; Heather Smith, a customer service representative at the bank’s Mountain View office to Assistant Vice President and Teresa Sutterfield, Customer service representative in Mountain View to Assistant Vice President. Stone Bank has offices in Little Rock, Mountain View, Harrison and White Hall. Cannon Straessle Smith Sutterfield
Submit your bank’s Banker News & Moves to traci.logsdon@arkbankers.org.
