Citizens Bank Completes $4 Million Bond Agreement to Finance Construction of Woodcrest Assisted Living Center

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BATESVILLE – December 16, 2014 – Citizens Bank completed and signed a $4 million bond agreement on Monday with the City of Batesville Facilities Board to finance the construction of Woodcrest, a new assisted living center to be located on Neeley Street in Batesville. 

Groundbreaking is scheduled for January 2015 and the anticipated opening for Woodcrest is expected to occur following a 12 to 15-month construction schedule.

The new Woodcrest facility will have 46 beds and provide housing for residents who need help in day-to-day living, but who do not need full-time care 24 hours a day, seven days a week. 

Independence County currently has a total of 58 beds available for assisted living clients in other facilities and the need by 2019 is projected to be an additional 93 beds.  A MetLife Market Survey shows the average living age is 86.9 with a median length of stay to be 25.6 months in a facility. 

“Citizens Bank is proud to be the lead financing institution on Woodcrest,” said Phil Baldwin, Citizens Bank President and Chief Executive Officer.  “For more than 60 years, Citizens Bank has been helping make possible important projects like this that are so needed and help the citizens of Batesville and Independence County.”

Woodcrest will be a division of Wood-Lawn Inc., a private, non-profit 501(c))(3) and governed by a self perpetuating Board of Directors that serves without pay.  Wood-Lawn was established in 1964 and is celebrating its 50th anniversary this year. 

“Woodcrest will join the nearby Wood-Lawn Heights and Wildewood Independent Living to provide the perfect choice for residents and families who are looking for a community-oriented but professional continuum of care,” said Robin Brock, Board Member of Wood-Lawn Inc.  “Our reputation, outstanding service and location have made us the best senior living community in North Central Arkansas for over 50 years.”

Wood-Lawn Heights, a skilled nursing facility, opened in 2012.  The $14 million, 83,000-square-foot state-of-the-art nursing home accommodates 140 patients.  Citizens Bank led a financing consortium for construction of Wood-Lawn Heights.

The combination of Wood-Lawn Heights, Wildewood Assisted Living and Woodcrest offer residents and families the peace of mind knowing that if one’s needs change, even temporarily, there is an appropriate level of care available where they may transition from one level to the next, all within the same community.  This provides a permanent link to friends and families for our residents, by assuring they remain in a single location.

About Citizens Bank

Citizens Bank was founded in 1953 by business and civic leaders to serve the financial needs of middle income families and small businesses.  Citizens Bank works to improve the quality of life for all community residents by promoting educational opportunities, economic growth and innovative civic partnerships.

Woodcrest Signing - 12-15-14

SIGNING THE PAPERS – Participating in Monday’s $4 million bond signing at Batesville City Hall were (seated, from left) Nancy Thomas and Cord Davison of the Batesville Public Facilities Board; Dr. Terrell Tebbetts of the Wood-Lawn Board; Micah Beard of Citizens Bank; Bob Fitzpatrick and Robin Brock of the Wood-Lawn Board; Wood-Lawn Director Judy Belcher; (standing, from left) Taylor Marshall of the Friday, Eldredge & Clark law firm in Little Rock; and Anne Hendrickson and Charolette Royal of Citizens Bank.

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