Today’s Bank of Huntsville is adding a 10th branch to its network with a Van Buren location.
The $181 million-asset lender is setting up shop in a former bank branch at 615 E. Pointer Trail previously used by Arkansas Valley Electric Cooperative.
“We think the Van Buren market is a good market,” said Larry Olson, president and CEO of Today’s Bank. “That is one of the things that attracted us to look at Allied Bank.”
Today’s Bank looked at entering the Van Buren market in 2014 as part of a three-branch purchase of Allied locations in Van Buren, Mansfield and Alma. That proposed deal failed to gain the needed approval of creditors of Allied’s parent company (Acme Holding Co.) and regulators.
Instead, Today’s entered the Crawford County market in September as part of a negative bid of $6.1 million for the insolvent Allied Bank. Allied’s Van Buren branch, which closed in 2015, wasn’t part of that deal.
When Today’s entered the ownership picture, Allied’s operations in Crawford County consisted of offices in Mulberry and Alma, home to $31.1 million in deposits in June 2016. That represented 4.39 percent of deposits in the county.