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Arkansas-based Bank OZK plans to open Burlington branch

A bank headquartered in Arkansas, Bank OZK, has announced its plans to open its first location in Alamance County in a bank building at 166 Huffman Mill Road that had been previously operated by Select Bank.

Select Bank Financial Corporation in Virginia had purchased the bank branch at 166 Huffman Mill Road for approximately $1.1 million in April 2021 from New Republic Bank, based on documents that were filed at the time with the Alamance County Register of Deeds’ office to consummate the transaction.

Less than two years later, Select Bank sold its branch at 166 Huffman Mill Road for $1.25 million in September 2023 to 166 Huffman Mill LLC. That company is owned by local businessman John Burton and has its registered office at 116 Faith Drive in Gibsonville, according to documents filed with the Register of Deeds’ and Secretary of State’s offices.

Bank OZK purchased the property at 166 Huffman Mill Road, along with a half-acre parcel of vacant commercial land at 145 Holly Hill Lane, for $1.7 million earlier this year, according to documents filed in the Register of Deeds’ office on February 21.

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The 1,975-square foot bank building along Huffman Mill Road was built in 1968 on 1.4 acres, according to Alamance County tax records, which list the latest assessed value at $658,826.

Bank OZK has not yet announced when it plans to open the branch in Burlington but has filed a notice of its intention to apply to federal bank regulators to open at 166 Huffman Mill Road. It originally served as a location for Community Savings & Loan, later known as Community Savings Bank.

Headquartered in Little Rock Arkansas, Bank OZK was founded in 1903 in Jasper, Arkansas as a community bank with two branches. The brand has since grown to more than 240 branches in eight states, including Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, and Texas, according to the company.

Bank OZK currently operates offices in 21 other North Carolina cities and towns. Currently, the closest office to Alamance County is in Asheboro, according to the company.

Earlier this year, Bank OZK announced record earnings for the2023 calendar year, following a 27.3 percent increase in loans (from $20.78 billion at the end of 2022 to $26.6 billion at the end of 2023); A 27.5 increase in deposits (from $21.5 billion in December 2022 to $27.4 billion at the end of December 2023); and a 23.8 percent increase in total assets (from $27.7 billion in December 2022 to $34.2 billion at the end of December 2023), according to the company.

Earlier this year, Bank OZK was ranked the 20th most trustworthy companies in the U.S., out of 700 public and private companies in banking, media, insurance, and apparel, based on rankings published by Newsweek and developed in collaboration with a German data analytics firm called Statista.

The spokesperson for Bank OZK had not responded to an inquiry from The Alamance News by press time Wednesday night.

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