First United Bancshares, Inc. to acquire Carlisle 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)--April 1, 1996--James V. Kelley, Chairman, President and Chief Executive Officer of First United Bancshares, Inc. ("First United"), and Winthrop P. Rockefeller, Chairman of the Board of Carlisle Bancshares, Inc. ("Carlisle"), announced today the signing of a definitive agreement to merge the two companies, pending approval by First United's and Carlisle's shareholders and of regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . First United, with $1.3 billion in assets, is a multi-bank holding company with eight subsidiary banks in Arkansas and Texas. Carlisle, a $105 million bank holding company, is the parent company of Citizens Bank and Trust Company (Carlisle, Ark.), Hazen First State Bank (Hazen, Ark.) and FirstBank of Arkansas (Brinkley, Ark.). "We are delighted to add such a strong bank holding company to our current group of banks," said Kelley. "We are especially pleased to have the opportunity to expand our network in the Grand Prairie Grand Prairie, city (1990 pop. 99,616), Dallas and Tarrant counties, N Tex., halfway between Dallas and Fort Worth; inc. 1909. Located in a highly urbanized and rapidly growing area, the city's boom caused its population to double between 1970 and 1990. area of Arkansas. By adding these banks to our existing Stuttgart presence, First United will operate a total of nine locations in seven cities Seven Cities may refer to:
Under the agreement, Carlisle's shareholders will receive approximately $13 million in First United common stock in exchange for all of the outstanding shares of Carlisle's common stock, subject to some adjustments. The merger is to be a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. to Carlisle's shareholders and will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The transaction is expected to be completed in the fourth quarter of 1996. Carlisle's net income for 1995 was $1.14 million and total deposits were $84.8 million. In addition to the main office in Carlisle, Citizens Bank & Trust operates a branch in Humnoke, while Hazen First State Bank has an additional location in Biscoe. 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." CONTACT: First United Bancshares, Inc., El Dorado John E. Burns, 501/863-3181 |
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