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Looking at the books.

Looking At The Books

Guess who is looking to buy and sell another bank?

Worthen Banking Corp. (the buyer) and J.B. Hunt (the seller), that's who.

The common link is First National Bank of Fayetteville (total 1990 assets of $243.57 million and net income of $1.43 million).

You might recall the roles were reversed in April 1985.

In the wake of the Bevill Bresler and Schulman debacle, Worthen sold the bank to Hunt only a few months after buying it.

Worthen is buying OneBank's North Little Rock operations, and Central Arkansas Bancshares of Malvern has a line on OneBank at Hot Springs.

If a deal were to be struck for First National Bank of Fayetteville, that would leave the man in the cowboy hat only his Little Rock bank.

OneBank truly would live up to its name.

With capital ratios being what they are, Hunt could pull out a nice chunk of change from the bank (upwards of $15 million) to pay down the debt on his would-be banking empire.

When all is said and done, banking types believe Hunt's entry and exit from banking will end up on the negative side of the balance sheet.

Of the four banks based in Fayetteville, First National is the biggest with about 41.1 percent of local deposits. McIlroy Bank & Trust, owned by the Walton family, had a 40.1 percent share at the end of last year and could move to No. 1 this year.
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Title Annotation:OneBank's divestment of its North Little Rock and Hot Springs operations
Publication:Arkansas Business
Date:Jun 24, 1991
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