First United Bancshares, Inc. Announces Termination of Agreement to Merge with Mountain Bancshares, Inc.EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. , Ark.--(BUSINESS WIRE)--Dec. 23, 1998--James V. Kelley, Chairman, President and Chief Executive Officer of First United Bancshares, Inc. ("First United") (NASDAQ/NMS: UNTD), and Judy R. Loving, Chairman, President and Chief Executive Officer of Mountain Bancshares, Inc. ("Mountain") announced today the termination of an agreement to merge the two companies. The merger had been delayed because of a lawsuit lawsuit: see procedure; tort. filed against Mountain after the transaction was announced on May 26, 1998. All parties felt that it would be in the best interests of First United and Mountain not to pursue the merger at this time. "We regret that we cannot go forward with the merger since Mountain would have been a great addition to First United," stated Kelley. "Upon resolution of the lawsuit we would be interested in pursuing the transaction at that time." "We have great respect for First United and its organization," said Loving. "We regret that due to circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or beyond our control we could not complete this transaction." First United, with $2.41 billion in assets, is a multi-bank holding company with thirteen banks and a non-bank subsidiary Non-bank subsidiaries, are firms owned by bank holding companies which offer non-bank products and services, such as insurance and investment advice, and do not offer FDIC insured banking products, such as checking and savings accounts. , First United Trust Company, N.A., serving 38 communities in Arkansas, Texas and Louisiana. First United's stock is listed on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol "UNTD." |
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