Jeff Teague on Wednesday finalized the sale of his El Dorado auto dealerships to former NBA superstar Karl Malone and officially stepped into a new role as chairman and CEO of Citizens Bancshares, the holding company for Citizens Bank of Batesville.
Teague Auto Group includes Teague Chevrolet, Teague Toyota and Teague Ford, all in El Dorado. Malone is from nearby Summerfield, La., and played college ball at Louisiana Tech in Ruston. As chairman and CEO of Citizens Bancshares, Teague will help guide the policies of the bank, which announced Adam Mitchell as CEO in April. Citizens Bank was founded by the grandfather of Teague’s wife, Sarah, more than 60 years ago.
“Jeff has been a dedicated teammate for years,” Mitchell said in a statement. “We look forward to his increased attention to our community-focused bank. He is a trusted community partner and committed to enhancing our ‘beyond banking’ solutions.”
Teague has long been a pillar of the south Arkansas community. He was named Time magazine’s national Dealer of the Year for 2014 and has been active with Rotary International, the South Arkansas Regional Airport Commission (which he chaired), the El Dorado Economic Development Board, the Arkansas State Police Commission and two local chambers of commerce.
Teague said, “Our shared ‘people first’ mindset is exactly why Citizens Bank is where I want to spend my time. I am proud to be part of its progressive leadership team and work with the bank’s CEO, Adam Mitchell, as the bank continues to serve Arkansans with excellence.”
Teague entered the car business in 1981 when he and his father bought a Chevrolet-Oldmobile dealership in Walnut Ridge.