First United Bancshares, Inc. Announces the Purchase and Assumption of Deposits of East Texas National Bank of Marshall, Texas.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)--July 9, 1999-- James V James V, king of Scotland James V, 1512–42, king of Scotland (1513–42), son and successor of James IV. His mother, Margaret Tudor, held the regency until her marriage in 1514 to Archibald Douglas, 6th earl of Angus, when she lost it to John . Kelley, Chairman, President and Chief Executive Officer of First United Bancshares, Inc. (NASDAQ/NMS:UNTD), and Gordon Lewis, Chairman and President of Fredonia State Bank, Nacogdoches, Texas Nacogdoches (pronounced [ˌnæːkə̆ˈdoʊtʃɪs]) is a city in Nacogdoches County, Texas, in the United States. As of the 2000 census, the city population was 29,914. ("Fredonia") announce the assumption of all of the deposits of East Texas National Bank of Marshall, Texas ("ETNB"). ETNB was closed today by the Office of Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. and the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). was named receiver. ETNB will reopen on Monday, July 12, 1999, as a branch of Fredonia. ETNB operates two locations in Marshall and one location in Harleton, Texas. First United will acquire approximately $100 million in deposits and $80 million in loans in the transaction. ETNB depositors will not lose money as a result of the purchase. The FDIC will retain certain assets for later disposition. ETNB will be merged with Fredonia State Bank, First United's affiliate bank, in Nacogdoches, Texas. This will increase Fredonia's total assets to approximately $365 million and locations to eight. "The assumption of the deposits by First United allows us to expand our coverage in east Texas," stated Kelley. "With the addition of these locations First United and Fredonia have significantly strengthened our presence in this important part of the state." First United, with $2.6 billion in assets, is a multi-bank holding company with a non-bank subsidiary, First United Trust Company, N.A., serving 39 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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