Citizens Bancshares of Batesville, parent of Citizens Bank, has agreed to buy Parkway Bankshares of Rogers, parent of Parkway Bank, the two firms said Wednesday.
Terms of the transaction were not disclosed. The deal is expected to close before the end of the year.
Citizens Bank has $575 million in assets and operates 12 offices in Batesville, Cave City, Fayetteville, Hot Springs, Imboden, Mountain View and Pleasant Plains.
Parkway Bank has $135 million in assets and has four offices in Rogers, Crossett, Monticello and Portland.
Bob Taylor, Parkway's chief executive officer, will be retained as Northwest Arkansas regional chief executive officer for Citizens after the deal closes.
The acquisition of Parkway Bank is "consistent with the growth strategy" that Citizens' board of directors approved last year, said Phil Baldwin, Citizens' chief executive officer.