LITTLE ROCK, Ark. (AP) — Two central Arkansas banks owned by the same holding company plan to consolidate their operations, officials announced Wednesday.
Heber Springs State Bank in Heber Springs and Eagle Bank & Trust in Little Rock will operate under the name Eagle Bank & Trust starting in late February, bank officials said. Both are owned by State Holding Company, based in Little Rock. The consolidation is pending regulatory and stockholder approval.
"We want to make sure that everyone understands this is not a sale, but simply the consolidation of two banks with common ownership," Cathy Owen, president of State Holding Company, said in a statement.
Jeff Lynch, president and CEO of Heber Springs State Bank, will have the same duties for the combined bank.
"Because the consolidated bank will serve multiple communities in a five-county area of central Arkansas from Little Rock to Heber Springs, we decided a non-geographical name makes the most sense now and in the future," Lynch said.
He said the combined bank will operate under the Heber Springs State Bank charter, which dates back to 1919.
The consolidated operation will have assets of nearly $340 million, bank officials said.
Eagle Bank has six banks in Pulaski County, including in Little Rock. Heber Springs State Bank has eight banks, and an additional branch in Concord is currently being purchased from First Arkansas Bank & Trust.