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Bentonville bank buy.

Bentonville Bank Buy

The feds have given their approval to the sale of First National Bank of Bentonville.

The transaction involves at least 94.5 percent of the outstanding voting shares of the Benton County bank and will weigh in at around $6.7 million.

That's about $109.07 per share for the $62.59-million asset bank.

Profits for the first quarter 1991 were $198,000. That compares with a net income of $759,000 for 1990.

National Bank of Commerce at Memphis, Tenn., is providing a 10-year loan of $4 million to finance the deal.

The buyer is First Bentonville Bancshares, led by James Farrell, a native of Brinkley and president of Community Bank in Germantown, Tenn.

Farrell will serve as chairman of the new holding company and own 8.7 percent.

You might recall that Farrell is also president and 32.5 percent owner of FirstBank Group Inc., which holds First Bank of Arkansas at Brinkley and Kensett.

Other major owners in the Bentonville deal are Larry Lambiotte of Vicksburg, Miss. (18.5 percent), E. Lee Ronnel of Little Rock (15 percent) and Fred Farrell of Vicksburg (8.75 percent).

The purchase was scheduled to close earlier this year but was held up by the Resolution Trust Corp.

United Federal Savings & Loan of Jonesboro, which went into receivership, had owned the bank.
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Title Annotation:First Bentonville Bancshares buys First National Bank of Bentonville
Publication:Arkansas Business
Date:Sep 9, 1991
Words:224
Previous Article:ScholarshipSource.
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