Current structure at 146 W. South Street.
There’s a new business coming to downtown Benton in the big historic bank building. The property at 146 W. South Street started as a financial institution. Merchants and Farmers Bank intends to continue that tradition.
Neoclassical style structure that stood at South & Market prior to 1972.
A short history: According to Arkansas Postcards Past, First National Bank of Benton was built on the site in 1909. Arkansas Heritage describes the first version of the building as neoclassical style. That bank became Benton Bank and Trust in 1922 and then Benton State Bank in 1934. In 1972, the building was reconstructed to the style we see on South Street today.
The property is located at the southeast corner of Market and South Streets, along with a sliver of land in the rear, across River Street. That sliver has been used for the purpose drive-thru banking with tellers as well as an ATM.
More recently, the Digby Law Firm did business from that location, but moved their offices across W. South Street. And now of course Merchants and Farmers Bank will occupy the property soon. You may have seen the signs on the outside walls.
MORE ?
Current location of MFB at Conway & Main.
Ashton Adcock, the Chairman and CEO, tells some history of the bank, as well as the plans for this future branch – Benton being one of only three total locations for MFB.
Shelli Poole:
How did MFB decide that downtown Benton would be a good location?
Ashton Adcock:
We were looking for a location to branch into Benton. When Regions decided to move out of downtown, our focus narrowed to the area. There were no banks left downtown – an area we see as thriving and energetic – a cornerstone to all that is good about our community. Through a subsidiary, the bank has owned the landmark building for two years. We were prevented from disclosing this due to Region’s deed restrictions.
SP:
Is there a plan to renovate the building on the inside or outside?
AA:
There are currently four tenants in the building, occupying space the bank will not be using. These spaces were renovated over the past two years. The interior to be occupied by the bank will be renovated extensively, and the exterior is expected to be updated around the entrances.
SP:
Will the drive-thru across River Street remain a part of operations as previous banks have used it?
AA:
Yes, ideas for what that will look like are going to be presented to the City.
SP:
How do you feel about contributing to the history of this property as having hosted banks in the past?
AA:
We went to great lengths and expense to get this nostalgic part of Benton history. The plan is to embrace the legacy of Benton State Bank while updating the building to create a WOW factor. The upgrades to plumbing, etc. will help this building be desirable for many years to come.
Is there a goal date for opening to the public?
AA:
We hope to be open within about 6 months.
SP:
Will there be new job opportunities specific to this location?
AA:
There may be. However, we recently added three members to our team in anticipation of this move.
SP:
What will happen to the tiny location at Conway and Main Streets?
I could not have been more pleased with how this renovation turned out. Again, our goal was to maintain the integrity of the site while making it functional for the bank and any other business that occupies it after we move. The building is approximately 2400 sf. Even after we leave it, I know I will smile every time I pass it on the way to our new home.
SP:
What’s the brief history of MFB?
AA:
MFB was chartered in 1909 in Dumas. It remained only in Dumas until 2011 when we opened a loan production office beside Larry’s Pizza in Bryant. We converted to full service in 2016. Our Bryant location at Springhill and Highway 5 opened in 2017, and Benton opened in 2021. MFB is only in Dumas, Bryant and Benton!
SP:
What makes MFB unique from other banks?
AA:
Well, we all have about the same products (mobile banking/deposit, loans, etc), so “uniqueness” must come from something else. I don’t know how other banks operate or where they excel or fall short. But for us, we strive to love our neighbors as ourselves – that is, caring for our customers, who become our friends, and our co-workers with such deep commitment and sincerity that if this unique to banking, it will be obvious and appreciated.
Also, the Chairman and CEO, President and CFO, and largest shareholder live and work in Saline County. Being small with decision makers local allows us to talk to customers in person, be flexible, quick with decisions. With the opening of the new Benton location, our Senior Trust Officer will be on site to offer an array of trust administration, retirement and investment accounts.
SP:
Does the bank foresee partnerships with downtown Benton businesses or events?
AA:
The Bank has been a member of the Benton and Bryant Chambers for about 10 years and is a sponsor of many events. We (our people) are community minded and downtown supporters as evidenced by our commitment to downtown and the investment of millions of dollars. Support to local businesses is another reason we chose downtown. Together we can make a difference in the lives of others – the bank (at its three locations) is just the outlet God has given our team to carry out this mission.
SP:
Anything else?
AA:
Everyone is welcome. No account is too small or too large. Come experience Small Bank Friendly.