Gateway Bank, formerly know as the Bank of Rison, is in the process of raising $3 million, according to a filing with the U.S. Securities & Exchange Commission.
At the time of the Nov. 3 filing, the Cleveland County bank’s holding company, Sigma Holdings Inc. of Little Rock, had sold $850,000 worth of bank stock.
“We’re putting some capital in the bank,” said Troy Duke, the veteran Little Rock banker who formed Sigma Holdings with Garland County businessman Lewis Ray “L.R.” Gardner to buy the Bank of Rison in 2013. The bank’s name was changed last year. Duke couldn’t comment further on the plans for expansion. But Gateway has recently opened a loan production office in Bryant, which seems like a good location for a branch.
The bank, which was chartered in 1932, had total assets on Sept. 30 of $58.2 million, which was up 37 percent from the same time a year ago. Its net income for the first three quarters of 2016 was $252,000, up almost 10 percent from a year ago.