Legacy Sale Sends $17.4M to Investors - Southern Business Review

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Sunday, March 24, 2019

Legacy Sale Sends $17.4M to Investors

When the $17.4 million sale of Gravett Bancshares Inc. to Springdale’s Legacy BancShares Inc. closed, the four biggest paydays were spread among:


  • William and Brenda Meade of Gravette, about 17 percent worth nearly $3 million;

  • Rex Dwayne & Patricia Ann Waggoner Revocable Trust of Rogers, about 12.4 percent worth nearly $2.2 million;

  • Jack & Josephine Phillips Revocable Trust of Gravette, about 7.3 percent worth nearly $1.3 million; and

  • Edmondson Family Trust, led by Jim and Minerva Edmondson of Jay, Oklahoma, about 7 percent worth $1.2 million.

Bank of Gravett accounted for 56.9 percent of the deposits in its similarly named hometown, totaling nearly $67.5 million. That position was followed by Arvest Bank of Fayetteville at 40 percent totaling $47.5 million and Grand Savings Bank of Grove, Oklahoma, at 3 percent totaling nearly $3.6 million.


In the overall Benton County market, the addition of Bank of Gravett grew Legacy National Bank’s 0.6 percent share of deposits to 2.4 percent, totaling more than $126 million.