(SPRINGDALE, AR-July 9, 2018) Patrick Swope, President and CEO of Legacy National Bank, headquartered in Springdale, Arkansas, announced today 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, Inc. Effective as of the close of business on July 6, 2018, 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 Bank of Gravett in the position of Executive Vice President and City Executive of Gravett. 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. With the addition of 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 Gravett, Hiwasse and Centerton.