Citizens Bank of Batesville announced Tuesday the creation of a $10 million redevelopment fund to be used for low-interest loans to redevelop the historic downtown of its hometown.
The locally owned bank will also make up to $100,000 worth of cash grants for small exterior improvements to downtown properties.
“Historic Downtown Batesville will be redeveloped," Phil Baldwin, president and CEO of the locally owned bank, said in a press release.
The redevelopment fund will support Impact Independence, a 10-year strategic plan for Independence County unveiled last summer, when Baldwin was chairman of the Batesville Area Chamber of Commerce.
Lyon College and the University of Arkansas Community College of Batesville participated in the development of the strategic plan.
The announcement on Tuesday was part of an open house and progress report hosted by the Historic Melba Theater (see video below).
"I am excited that Historic Downtown Batesville will now have the ability to combine the vibrancy of a college community and the ambiance of a small southern town," Baldwin said.
"My hope is for Historic Downtown Batesville to come alive again and provide family friendly entertainment with diverse and eclectic shopping, dining, arts, cinema, music and pubs; to become residential again, with loft apartments above and shops below; to be a place for all generations to gather, walk, bike or talk – a people gathering place for all of Independence County," he said.
Citizens Bank had assets of $722.4 million at the end of 2015, with net income for the year of $4.36 million.
Six of its 17 branch offices are in Independence County.