Oak Tree Financial acquires Riverside Bank

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SPARKMAN, Arkansas — Rogers-based holding company Oak Tree Financial Corporation, Inc. has closed on its planned acquisition of Riverside Bank. 

Riverside Bank operates branches in Little Rock and Sparkman.

Additionally, former Arkansas Bankers Association Chairman and Simmons Bank Executive Robert L. “Rob” Robinson IV has joined Oak Tree and Riverside and will serve as President and COO of both. Robinson joins Conner Eldridge, who serves as chairman and CEO of Oak Tree and Riverside.

Robinson and Eldridge join Riverside Bank’s pre-existing management team, led by Stephen Davis and including Robert Dudley and Spencer Davis, who will remain with the bank as executive vice president, a member of the management team and a director of both Riverside Bank and Oak Tree. Dudley will also remain on the management team of the bank as executive vice president, and Spencer Davis will continue to serve as a senior vice president, focused on mortgage lending.

Riverside and Oak Tree’s management teams bring extensive banking experience. Eldridge previously worked in senior executive positions at Summit Bank and Summit Bancorp earlier in his career, prior to serving as the United States Attorney for the Western District of Arkansas and as a practicing attorney with Eldridge Brooks Partners, a Rogers law firm he co-founded. Eldridge will continue to practice law with Eldridge Brooks while also being committed to and focused on Oak Tree and Riverside. Robinson has over 30 years of experience in the banking industry, most recently with Simmons Bank, where he served as president and CEO of Simmons First Bank of El Dorado, Community President – El Dorado, and Senior Credit Officer. Robinson served as chairman of the Arkansas Bankers Association in 2020. Stephen Davis has led Riverside Bank and Riverside Mortgage for approximately 30 years. Dudley has been a key part of management of Riverside Bank for over 20 years and previously worked in a variety of roles for several different banks. Both Robinson and Dudley served as bank examiners with the Arkansas State Bank Department and OCC, respectively, early in their careers. Spencer Davis has worked in a variety of areas at Riverside Bank for 15 years, with a focus on mortgage lending.

Riverside Bank ended 2023 with approximately $63 million in total assets, including $50 million in loans and $55 million in deposits. Formed in 2023, Oak Tree Financial Corporation is composed of a group of like-minded shareholders sharing a belief in the value of building a community bank in various areas of Arkansas, including Riverside Bank’s current market areas of Little Rock and Sparkman. Riverside Mortgage previously had an office in Fayetteville, Arkansas, and Riverside anticipates being active in Northwest Arkansas in the near future.

Eldridge said, “At Oak Tree Financial, we are thrilled to have closed on the acquisition of Riverside Bank. Stephen and his team have done a great job with Riverside, and we are excited that a strong management team including Rob, Stephen, and Robert remains committed to this great bank and its future. Together, we are passionate about building Riverside and serving Arkansas communities going forward.”

“Riverside Bank has a rich history as a community bank operating in Central and Southwest Arkansas,” Robinson added. “I am excited to join its management and ownership team along with Conner and OTFC. As an experienced community bank executive, my industry knowledge and banking philosophy complement both OTFC and Riverside Bank. I am excited about this opportunity and am ready to support and build on the bank’s strategic initiatives.”

Davis said, “I look forward to the future of Riverside Bank under Conner’s leadership with the support of the new shareholders and management team that he has organized. I am very excited to remain a part of the bank’s continued growth.”

Riverside Bank is located at 1001 W. Markham Street in Little Rock (501-614-6161) and at 103 W. Main Street in Sparkman (870-678-2551). Oak Tree Financial is located at 5115 W. J.B. Hunt Dr., Suite 500, in Rogers (479-553-7678). Riverside Bank’s website is http://www.riversidebanc.com.