The sale of Parkway Bankshares Inc. of Portland (Ashley County) to Citizens Bancshares of Batesville Inc. will close at $21.8 million.
The math of the all-cash transaction for the parent company of the $133 million-asset Parkway Bank of Rogers works out to a book value multiple of about 1.41.
Portland denizens associated with the Pugh and Newcome families are represented strongly among the roster of Parkway shareholders. Some of the largest investors include:
- Marjohn 99 Trust, led by co-trustees Robert D. Pugh and Edward Scherm, 12.54 percent worth $2.7 million;
- Marilyn Newcome, 9.77 percent worth $2.1 million;
- Patricia S. Newcome Testamentary Trust, 9.77 percent worth $2.1 million;
- Robert D. Pugh Family Trust, 9.64 percent worth $2.1 million;
- Jerry Sadler of Siloam Springs, former chairman and CEO of Parkway Bank, 5.71 percent worth $1.2 million;
- VMM 2000 Trust, led by Mary Pugh Manning, 4.45 percent worth $970,000; Robert D. Pugh, 2.99 percent worth $651,000;
- Thebes General Partnership, led by Mary Pugh Manning, 2.93 percent worth $638,000;
- Mike Necessary of Rogers, 2.10 percent worth $457,000;
- Leslie Borgognoni of Lake Village, CFO of Parkway Bank, 2.07 percent worth $451,000;
- Edward Scherm, chairman of Parkway Bank, 2.07 percent worth $451,000;
- Joel Newcome, 1.31 percent worth $285,000; and
- Robert Taylor of Russellville, CEO and president of Parkway Bank, 1.24 percent worth $270,000.
Northwest Branching
In addition to four full-service locations in southeast Arkansas, the Parkway acquisition will give Citizens Bank a second office in northwest Arkansas.
The Rogers office will join a Fayetteville branch that the $577 million-asset lender opened in July.
Two other banks are adding to their branch network in the Benton-Washington county market as well.
Arvest Bank of Fayetteville is developing its sixth full-service branch in Springdale, at the northwest corner of Elm Springs Road and 48th Street.
The $15.6 billion-asset lender has 20 full-service branches in Washington County and 21 to the north in neighboring Benton County.
First Western Bank of Booneville is developing its first branch in Bentonville at 1106 S. Walton Blvd.
The $331 million-asset lender operates four full-service branches in Benton County (three in Rogers and one in Bella Vista) but has zero offices in Washington County.
Citizens Bank of Batesville
| Total Assets: | $577 million |
| Loans: | $357.5 million |
| Net Income: | $3.1 million |
| Full-Service Locations: | 11* |
| Staff: | 148 |
| Total Assets** | Total Loans** | Net Income** | |
| 2014 | $559,443 | $288,084 | $4,009 |
| 2013 | $538,454 | $289,330 | $4,520 |
| 2012 | $546,457 | $293,380 | $5,638 |
| 2011 | $538,154 | $319,080 | $5,785 |
| 2010 | $535,228 | $344,784 | $752 |
| 2009 | $515,224 | $354,835 | $4,242 |
| 2008 | $488,930 | $339,315 | $5,424 |
| 2007 | $498,894 | $326,969 | $4,275 |
| 2006 | $494,615 | $320,770 | $4,407 |
| 2005 | $463,432 | $303,597 | $3,809 |
*Four in Batesville, two in Hot Springs and one each in Fayetteville, Mountain View, Imboden, Cave City and Pleasant Plains.
**In thousands.