story appearing in the Nov. 24, 2005, Monroe County Sun:
The final day of business for the Holly Grove Branch of First State Bank has been changed due to an unforsseen delay in the closing transaction.
The final day for the bank, which has been purchased by First National Bank of Eastern Arkansas, was scheduled to be Friday, Nov. 18. Due to an unforseen delay with the closing, the date has been extended to Friday, Dec. 2, according to Denny Jarratt, Chairman of First National Bank of Eastern Arkansas.
Jarratt commented that FNBEA was awaiting approval from the comptroller of currency to complete the transaction. The approval was received, but there was a required 15-day waiting period before the closing could be completed, Jarratt said.
"We hadn't anticipated that 15-day delay," Jarratt said. "We look forward to doing business with all our new customers and hope the delay has not been inconvenient for customers. Feel free to call the bank if we can be of service."
Bill Reynolds, President of First State Bank's Holly Grove Branch, has accepted a position at the Holly Grove Branch of FNBEA.
First National Bank of Eastern Arkansas has 13 offices and 11 ATMs, with locations in St. Francis, Cross, Lee, Monroe, Phillips and Crittenden counties.
PHOTO CAPTION: Jean Kirkpatrick was honored last week upon her retirement from the Bank of Holly Grove. Kirkpatrick has worked at the bank for over 38 years. Bank employees are (from left) Melanie Jackson, Sue Walls, Jean Kirkpatrick and Bill Reynolds. The Bank of Holly Grove, which has been purchased by First National Bank of Eastern Arkansas, will close on Friday, Dec. 2. [photo to be posted under Current HG Photos]
I thought some visitors to this site might be interested in this news. If anyone finds any of the following to be in error, please set the record straight. but this is my understanding of the changes in store regarding banking in HG:
October 2005: The former Bank of Holly Grove is changing hands. Several years ago, the Bank of Holly Grove was purchased by First State Bank of Conway (Johnny Allison, principle investor). Several Holly Grove residents served in an advisory capacity, but the bank was essentially a branch of First State Bank, which had its own board of directors and was operated from the Conway headquarters. The HG branch's name was changed from the Bank of Holly Grove to First State Bank.
This month, First State Bank's Holly Grove branch was acquired by First National Bank of Eastern Arkansas, which has headquarters in Forrest City. First National Bank of Eastern Arkansas has operated a branch in Holly Grove for several years. The branch offices were initially housed in a small temporary building erected north of town, near the middle school. More recently, a larger permanent structure has been constructed at this site.
A November 2004 fire in downtown Holly Grove in the building next to the former Bank of Holly Grove (then operating as First State Bank) caused major damage to the bank building. The cost of repairing the building to make it inhabitable again was such that the bank moved into a temporary mobile structure across from the Post Office, and has been operating there ever since.
With the purchase by First National Bank of Eastern Arkansas, the bank facilities will be consolidated and moved to the newer, larger building (with drive-thru services) on the north side of town. Bank officials have announced that Bill Reynolds (formerly with the Bank of Holly Grove and formerly with First State Bank) will run the Holly Grove branch of First National Bank of Eastern Arkansas, at least until April 2007. Accounts will be automatically transferred on the date of the closing of the sale. Lock boxes will be available at the HG branch of First National Bank of Eastern Arkansas.
There is at least one Holly Grove tie to First National Bank of Eastern Arkansas. One of its officers is Winston W. Burks III, son of former Holly Grove School Superintendent Winston W. Burks II and Jennie Alderson Burks.
First National Bank of Eastern Arkansas has made a sizable investment of facilities, as well as bank staff and services in Holly Grove. Even though the branch bank will be managed and operated from its Forrest City headquarters, Holly Grove will continue to have a solid, stable bank serving the community and its needs.
-- Edited by Jane Dearing Dennis at 10:46, 2005-10-26
