Danville-based Chambers Bancshares Inc., holding company for Chambers Bank, has reached a deal to acquire nearby Bank of Dardanelle Bankshares Inc., the parent company of River Town Bank. The acquisition will merge the two remaining banks chartered in Yell County.
Financial terms were not disclosed. The deal is expected to close this summer. River Town Bank will then temporarily become a subsidiary of Chambers Bancshares and continue to operate as a separate bank until the banking systems are converted and the banks are merged under the Chambers Bank name. That’s expected in the fourth quarter of 2019.
“Chambers Bank is a respected and financially-sound community bank,” River Town Bank President and CEO Blake Tarpley said in a statement. “We believe that the commitment the organization has shown to its employees, customers and the communities it serves in Arkansas will be positive for River Town employees and our customers.
“We look forward to working with the team at Chambers to make this a successful and seamless transition for everyone involved.”
River Town had assets of $132 million at the end of 2018, according to the FDIC, with branches in Atkins, Conway, Danville, Dardanelle (2), Dover and Russellville (2). The purchase will bring Chambers Bank’s assets to more than $950 million and add four Arkansas communities to its branch footprint.
“Of course we’re excited to expand our footprint in Arkansas through the acquisition of River Town Bank, but this purchase was about much more than that,” Chambers Bancshares John E. Chambers III said. “Both banks were founded in the 1930s in Yell County and have shared values of exceptional customer service, community support and — most importantly — trust. River Town Bank customers can be assured that we will continue to offer the hometown service and hometown values to which they’ve grown accustomed, but with even more locations and financial products.”