Federal Reserve cites misappropriating customer money in barring former Springdale banker from financial work

SPRINGDALE — The Board of Governors of the Federal Reserve System has banned a former Springdale banker from working for financial institutions after he misappropriated more than $40,000 from customer accounts for his own personal use, according to an order of prohibition issued June 9.

Christopher Timos took customer funds totaling $42,731 for his personal benefit, according to the Federal Reserve board. Timos worked at an Arvest branch in Springdale from from Nov. 2, 2020, until his termination on March 21, 2025, according to the Federal Reserve’s order of prohibition.

Timos’ conduct constituted violations of law or regulation, unsafe or unsound banking practices, or breaches of fiduciary duty, according to the Federal Reserve.

Springdale police are also investigating the situation, but cannot discuss an open investigation, according to Sgt. Matt Ray, public information officer.

According to the Federal Reserve, Timos engaged in conduct that violated banking laws and regulations between Dec. 1, 2023, and March 20, 2025.

Under the terms of a consent agreement with the Federal Reserve, Timos is barred from working for or being involved with any bank or financial institution without permission from Federal Reserve.

Timos did not admit or deny the allegations as part of the agreement, which allows Timos to avoid a formal hearing or prolonged litigation, according to the document.