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Article: Timberland Bank Grows as First United Fades.(Brief Article)
- Article from:
- Arkansas Business
- Article date:
- June 25, 2001
- Author:
CopyrightCOPYRIGHT 2001 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEPTEMBER 1999 WAS more than a homecoming for Tandy Menefee. His return to the piney woods and oil fields of Union County was an entrepreneurial expedition.
Menefee was drawn back to El Dorado by investors wanting to start a new bank. The result is Timberland Bank, which opened its doors last year.
Total deposits have reached $36 million. Total assets are at $40 million, with $30 million in loans.
After only nine months of operations, Timberland is on the brink of moving from out of the red and into the black.
"We're close, real close," said Menefee, the 52-year-old president and chief executive officer. "We have surpassed our ...