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Bank deal.

Bank Deal

The founder and former owner of the Roadrunner convenience store chain is trying to up his stake in a Texarkana-based bank holding company.

Otis Truman Arnold intends to buy 9,500 shares of common stock in State First Financial Corp. for $398,000. The sellers are John H. Hendrix Corp. (5,000 shares at $40 per) and Larry Fincher (4,500 shares at $44 per).

Included in this proposed transaction is the transfer of voting rights to Arnold from two family trusts: Greg Arnold, Separate Property Trust (11,930 shares) and Tony Arnold, Separate Property Trust (5,680 shares).

Those 17,610 shares and the other 9,500 represent 2.32 percent of the outstanding shares and would boost Arnold's interest in the thinly traded public company to 12.2 percent.

The holding company has total assets of $588 million and includes four banks: State First National Bank in Texarkana, American National Bank in Texarkana, Texas; First National Bank in Ashdown and Atlanta National Bank in Atlanta, Texas.
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Title Annotation:Otis Truman Arnold intends to buy into State First Financial Corp.
Publication:Arkansas Business
Date:Mar 11, 1991
Words:170
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