Fort Smith-based First Bank Corp announced Thursday (Sept. 5) it will relinquish its charter for National Bank of Sallisaw and fold the bank operations into the First National Bank of Fort Smith.
No job gains or losses are expected with the move, and signage will not change for the National Bank of Sallisaw.
“We believe this merger will help us operate more efficiently, and allow us to better serve the needs of our customers. We will continue to operate in Roland and Sallisaw, Oklahoma, under the leadership of National Bank of Sallisaw President Michael Neer and direction of a local Advisory Board,” Sam T. Sicard, president and CEO of First Bank Corp, said in a statement.
First Bank Corp is a financial holding company with consolidated assets of $1.5 billion. Subsidiaries of First Bank Corp also include Citizens Bank & Trust Co. (Van Buren, Arkansas), Brown-Hiller-Clark & Associates (Fort Smith, Arkansas), and Brown-Hiller-Clark & Associates of Oklahoma (Sallisaw, Oklahoma).
“Our affiliation with First Bank Corp. over the last 22 years has brought a tradition of excellence and community service to the Eastern Oklahoma banking market,” Michael Neer, president of the National Bank of Sallisaw, said in the statement. “This merger will allow us to focus all of our time to serving our customers and community. Our Board of Directors, employees, and daily operations will remain the same, with our focus on continuing to provide the best service possible to our customers. The commitment to strengthening our community will continue.”
The First National Bank of Fort Smith has 17 Branches located in Sebastian, Franklin, and Benton Counties in Arkansas with $1.052 billion in assets as of June 30, 2013. The National Bank of Sallisaw has three banking locations in Sequoyah County, Okla., with $111 million in assets as of June 30, 2013.
Changing the charter status is subject to regulator approval, and bank officials said the deal should finalize during the first quarter of 2014. At that time, National Bank of Sallisaw will be renamed National Bank of Sallisaw, A Division of The First National Bank of Fort Smith.