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Wednesday, 10 June 2009 |
 A Gibson’s Sign-Mart and Engraving employee installs and covers a First Security Bank sign at the Union Bank branch on Military Road on Tuesday. New signs will be unveiled Thursday at area Union Bank locations.
The transaction, which ends an era in local banking history, becomes official Friday morning when Union Bank opens for business as First Security Bank.
“There is a large degree of sentimentality attached to the change,” Mark Vanderpool, Union president and chief executive officer, acknowledged this week. “To see Union Bank go away is bittersweet.”
The change is particularly emotional for Greg Brown, former chairman and CEO of Union Bancshares Inc., the holding company for Union Bank. The Brown family was associated with Union since it was founded in 1954 by a group of local investors that included his father, Henry Brown, who was a member of the original board of directors.
Greg Brown, who was Union Bank’s largest stockholder, moved from Benton to Utah with his wife, Marilyn, shortly after the bank’s sale was announced last year.
“Union Bank was 26 years of my life,” Brown said from his home near Park City, Utah. “There are aspects of it that I miss and there are other parts that I don’t.
“The happiest part for me is that we were able to make a deal with First Security because the way they run a bank is very similar to the way I did. They are very dedicated to the community and to the state and that is very important in this economy.”
Union Bank signs are being replaced this week with First Security Bank signs at Union’s six locations in Saline County, including the main branch at 207 W. Conway St. in Downtown Benton.
Prior to the sale, First Security’s lone Saline County branch was at 20697 Interstate 30 in Bryant. The sale gives First Security 68 branches throughout Arkansas.
First Security, which is headquartered in Searcy under the umbrella of First Security Bancorp, has assets totaling $3 billion and employs close to 1,000 people.
“We’ve been involved with (Union Bank) for a year now so there won’t be much of a change as far as we’re concerned,” Reynie Rutledge, chairman of First Security Bancorp, said.
“The good thing is that we will continue to be an Arkansas-based bank because we can control that. And we will have the same people who have been at Union Bank, and they have good people there.”
Vanderpool, who joined Union Bank in 2000, said he is optimistic that the conversion will be seamless.
“We’ve been working for months with our group and the First Security conversion team,” he said. “There are always some little things to take care of, but we’ve worked hard to eliminate any problems for customers.”
Union Bank reported assets early this week of $241.7 million and it employs 66 people at its six locations.
“We will now have the First Security cache of products available to us,” Vanderpool said. “Our customers will have access to all First Security ATMs throughout the state and their accounts will be portable with any First Security location.”
J.W. Lewellen served as the first president of Union Bank.
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