Parkway Bank Free From Regulatory Sanctions
Posted: October 29, 2011 at 5:45 a.m.
Parkway Bank of Rogers recently got good news from federal regulators that ended tighter scrutiny and heavy oversight. A “cease-and-desist” order the bank has been operating under has been terminated.
Timeline
Parkway Bank
• June 2004: The original charter for Parkway Bank moved to Rogers from Portland, Ark.
• March 2007: Bank president Jerry Carmichael resigned amid a $1.72 million loss in the four preceding quarters.
• June 2007: Brad Collier took over as president for the Northwest Arkansas division.
• December 2007: The bank reported a net loss of $1.69 million for the year.
• August 2008: The FDIC issued a “cease-and-desist” order.
• December 2008: The bank posted an annual loss of $1.59 million.
• June 2009: Bob Taylor took over management.
• December 2009: The bank posted an annual loss of $4.61 million.
• December 2010: The bank earned $326,000 in annual profit.
• June: The bank’s net six-month profit totaled $259,000.
• September: The FDIC lifts the “cease-and-desist” order.
Source: Staff Report
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