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Bank on the block.

Bank On The Block

Heard about a deal in the works that could mean a change of ownership at Planters and Stockmen Bank in Pocahontas?

Walden Holding Co., led by Frank E. and Mary F. Walden of Jonesboro, is in the process of seeking regulatory approval to buy 97.79 percent of the bank for $1,914,000 - cash.

Walden Holding Co. is a diversified operation with a reported net worth of $3.16 million. Its assets include an interest in 2,100 acres of farmland near Cotton Plant (Woodruff County), C&I Electrical Supply (estimated annual sales: $4 million), Consolidated Insurance (estimated annual sales: $2.5 million in sales), United Foods Inc., (estimated annual sales: $2.5 million) and Eagle Aviation, the management firm for the Jonesboro Municipal Airport.

Frank Walden, a 16-year director at Citizens Bank of Jonesboro until his resignation July 11, 1989, intends to become chairman of the board at Planters and Stockmen Bank.

Planters and Stockmen Bank, with total assets of $25.4 million, showed a loss of $565,000 on interest income of $1.7 million for the period Jan. 1-Sept. 30, 1989.
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Title Annotation:Whispers; Planters and Stockmen Bank
Publication:Arkansas Business
Date:Jan 1, 1990
Words:189
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