AUGUSTA, ARK – Financial institution RiverWind Bank is pleased to announce the formation of RiverWind Bancshares, Inc.,its holding company. On November 17, 2023, RiverWind Bank shareholders unanimously approved the share-for-share exchange of RiverWind Bank's stock for stock of RiverWind Bancshares, Inc. The effective date of the exchange was January 1, 2024.With assets valued at $133,243,936 as of December 31, 2023, the bank has achieved an important milestone with this calculated approach, spearheaded by President and CEO Casey Cullipher.

RiverWind Bancshares, Inc. can manage and operate RiverWind Bank as a subsidiary through the establishment of a holding company structure. This arrangement allows for more varied business opportunities and increased operational flexibility. RiverWind Bank, which has 33 staff members and nine board members, sees this change as a proactive move toward future growth and adaptability in the ever-changing financial environment.

"We are taking steps today that will benefit us tomorrow,” stated Casey Cullipher, RiverWind Bank President and CEO. “We believe the creation of the holding company will accommodate the continued future growth of RiverWind Bank. With this new structure in place, we can be more strategic with our assets, reduce risk as needed, and ultimately help RiverWind achieve its long-term goals.”

RiverWind Bank, formerly The Bank of Augusta, has been a reputable financial institution since 1935. Since its founding, the bank has continuously grown and expanded while upholding its traditions and dedication to providing excellent customer service.