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Money in the vault.

Money In The Vault

A couple of Arkansas bank holding companies made shopping trips in Oklahoma earlier this year, but some of the details (like purchase prices) weren't disclosed.

Here are some more particulars.

First Bank Corp. in Fort Smith will pay $9.4 million for National Bank of Sallisaw (total assets June 1990: $69.4 million and net income for the nine months ending September 1990, $868,000).

First Bank is the holding company for First National Bank of Fort Smith (total 1990 assets of $431 million and net income of $3.17 for the first nine months of 1990). First Commercial Bank in Little Rock provided a loan for $4.5 million to facilitate the buy.

The deal involves about $8.17 million for 7,240 shares ($1,128 per share) and a $1 million noncomplete agreement covering five years with H.E. McDonald Jr., president of NBS. McDonald, who owned 78 percent of the bank, will also receive $250,000 for a two-year consulting agreement.
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Title Annotation:First Bank Corp. acquires National Bank of Sallisaw
Publication:Arkansas Business
Date:May 13, 1991
Words:168
Previous Article:Changing directions.
Next Article:More money.
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