Answers to some common questions about our ownership change at Bank of Gravett
As with most all changes in our lives, it’s normal to have some uncertainty about what the future may hold for us when we are faced with something out of our ‘normal’ life. The staff and management want to assure our long time customers, new customers, and those who may consider us to handle their financial matters that we’ll be here to serve your needs, just as we have for the past 120 years.
WHY DID BANK OF GRAVETT SELL?
Bank of Gravett was established in 1898 by a group of local people to serve the banking needs of other local people as their hometown bank. Whether it was personal, farm, or business; Bank of Gravett strived to serve the needs of the local community. Bank of Gravett has maintained capital levels more than double the regulatory minimums and net income has continued to increase. With the ever changing financial market it was time to look at ways to grow by acquisition or to sell. It was not an easy decision but one that made sense. Bank of Gravett is a solid bank, with solid values, and that is not changing.
WHY LEGACY BANCSHARES?
As stated above Bank of Gravett was established in 1898 by a group of local people to serve the banking needs of other local people. This is much the same way that Legacy Bank got its start – with local people serving the needs of their local community in Springdale. With a shared philosophy for customer service and commitment to community the holding companies knew this would be a merger that would serve everyone.
IS MY MONEY SAFE?
Yes. We are, and will continue to be, insured by the Federal Deposit Insurance Corporation (FDIC), which guarantees your funds to a minimum of $250,000 per customer. You should also know that given the account types you have with us, your insurance availability may be much more than that. We’re always happy to discuss this with you.
WILL I HAVE TO GET NEW CHECKS OR REPLACE MY DEBIT CARD?
Not at all. Your account number will remain the same, as will your debit card. Our bank routing number will be the same also. You won’t see a difference at all in the way you handle your account at Bank of Gravett.
WILL THE NEW OWNERS REPLACE EVERYONE AND START NEW?
Again, no. We do not expect any major changes to staff, so the officers and tellers you have dealt with for years will still be the same ones you will see after the sale is completed.
IS THE NAME OF THE BANK CHANGING?
No. Our State Bank Charter and FDIC membership will remain the same. We will continue to operate as Bank of Gravett. The ownership of the bank is all that is changing.
WHAT’S THE UPSIDE TO SELLING THE BANK?
Combining the assets of both banks will make one bank that is ‘bigger and better’. More resources means we will have the ability to offer more opportunities and to provide services that neither bank could have done alone. It also expands the reach of both banks across Northwest Arkansas.
WILL I BE ABLE TO MAKE DEPOSITS TO MY BANK OF GRAVETT ACCOUNT AT LEGACY BRANCHES?
No. While the ownership of the banks is the same, each is maintaining its own separate identity. Our deposits and ATM’s will continue as they do now. Checks, account numbers, routing numbers and debit/ATM cards will stay just as they now are at both institutions.
SO, WHO IS LEGACY, ANYWAY?
Founded in 2005, Legacy Bank was started by a group of local business people to open a community bank with a mission to provide “local decisions with people you know, and the service you deserve”. Chairman of the Board of Legacy National Bank is Gary George (George’s Inc. Chicken and Poultry Company). Bankrate™ ranks Legacy as a Superior, 5-star institution for safety and soundness. This is the highest rating Bankrate™ offers. You can read more about Legacy at www.legacyar.com.
Patrick Swope, President/CEO of Legacy National Bank and a member of Legacy’s Board probably said it best:
“We have great respect for Bank of Gravett and its long history of service to the communities they serve. Like them, we too, are a local, hometown community bank with local directors, many of which have years of experience as community bank leaders in Northwest Arkansas. With the addition of the Bank of Gravett our organization will become stronger both in terms of size and presence in Benton County, adding to the existing Legacy Northwest Arkansas locations in Bentonville and Rogers, and four Washington County locations.” He continued, “It is without question that with our similar values and cultures we will continue the tradition of service that our customers and our communities expect.”
Once the sale is complete, later this summer, we will host an event where you can come and meet the new ownership.
WHAT IF I HAVE A QUESTION OR CONCERN THAT IS NOT ANSWERED HERE?
If you have other concerns or questions, we would encourage you to get in touch with us. At this point in the sale process, however, we may not have all the answers at our fingertips. But, we will do all we can to get the answers you deserve.