A long established Lafayette County banking institution is hoping to build its first location in Columbia County.
On Friday, a legal notice from Bodcaw Bank of Stamps was released notifying the public that it intents to apply to the Federal Deposit Insurance Corporation (FDIC) and the Arkansas State Bank Department for a new branch at 2125 N. Jackson Street in Magnolia.
The address is located just south of the new Southern Arkansas University president’s mansion that is nearing completion. An abandoned, overgrown lot with a home currently exists at the listed address.
The lot is 1.03 acres and owned by Jerry and Jo Lynn Stoker of Hot Springs, according to Columbia County Real Estate Records. It is valued at $65,750. The single-story home, which has been nearly swallowed by its surrounding overgrowth, was built in 1933.
If the application to federal and state banking agencies is approved, Bodcaw’s new site in Magnolia would exist just yards away from one of its competitors, Farmers Bank & Trust. The Magnolia-based bank for years has had a drive-through and satellite branch at 2106 N. Jackson, just across the street.
Bodcaw Bank and its new executive team in recent months have been far more visible at Columbia County community events and through social marketing. The team of Korey Keith, president and CEO, and Jeff White, executive vice president of commercial lending, were announced in February as the 105-year-old bank looked to grow its customer base in southern Arkansas. Both executives also have deep ties to Magnolia and its surrounding area. Keith was raised in Magnolia and White is a former executive at Farmers Bank & Trust.
Bodcaw Bank, however, is not without new competition in its own neck of the woods. Farmers Bank has reportedly built and installed an advanced video ATM station in a prominent Stamps location within Lafayette County.
The Magnolia area banking scene over the past year has changed tremendously, at least from an executive standpoint.
Aside from Bodcaw Bank’s new hires, People’s Bank earlier this month promoted Chief Lending Officer Jamie Waller to President, while Bank of the Ozarks last week named Tom Mays as South Arkansas Division President. Farmers Bank in 2017 promoted Executive Vice President Monty Harrington to Magnolia market president, while Chief Banking Officer and President Chris Gosnell was named president and CEO of the local bank. Carter Federal Credit Union also lost its top man in March when Manager Jason Ray left to become a vice president at Farmers Bank.
BancorpSouth is the only major local institution not to have turnover at the top in the past 17 months. Its Magnolia market president, Mike Waters, remains in the same position he has held since 2014.
According to the most recent FDIC statistics, Little Rock-based Bank of the Ozarks, with its $22 billion in assets, is the largest bank headquartered in Arkansas.
The largest locally owned bank is Farmers Bank & Trust with $1.46 billion in assets. The 102-year-old, family owned institution is also sixth in the Natural State by the same measure. Peoples Bank — family owned and based in Waldo and Magnolia — is the 50th largest bank in the state with $204.1 million in assets, while Bodcaw Bank ranks 90th with $77 million.
BancorpSouth has $17 billion in assets, according to the same FDIC reports, but is headquartered in Tupelo, Miss. It is the second largest bank in The Magnolia State.
Carter Federal Credit Union, based in nearby Springhill, La., ranks 50th in Louisiana lending institutions with $326 million in assets.