Harrell Bancshares Inc. of Camden announced Wednesday that it plans to rename its bank subsidiary from First Bank to Generations Bank.
First Bank, which is chartered at Hampton, was originally called Calhoun County Bank but adopted its current name in fall 2010, just in time to begin expanding into northwest Arkansas by buying branches in Rogers and Siloam Springs from Signature Bank of Fayetteville.
In February 2014, First Bank expanded its northwest footprint by acquiring struggling First Community Bank of Crawford County from Ashley Bancstock Co. of Crossett and rolling it into the Hampton charter.
Jon Harrell, chairman of Harrell Bancshares, said the latest change is one of name only.
"In northwest Arkansas there are a lot of banks with similar names," Harrell said in a news release. "We wanted a name that would stand out and at the same time it was important to us not lose sight of our roots."
First Bank was founded in 1907 by Harrell's great-grandfather and his uncle, and Harrell is part of the fifth generation of his family to work in banking.
"Generations Bank is the perfect name for us, and we are rebranding to that name to take us into the next century," he said.
Generations Bank may stand out in northwest Arkansas, but the name is not unique. In 2012, a bank in Exeter, Nebraska, and a thrift in Seneca Falls, New York, chose the same new name.
First Bank had assets of $365 million as of June 30. It has 10 locations in Hampton, Junction City, Camden, East Camden, Rogers, Siloam Springs, Van Buren and Fayetteville.
First Bank reported net income of $3.1 million in 2014 and $1.7 million in the first half of 2015.