Printer Friendly

Other Worlds.

We noticed that Superior Federal Bank is opening a finance company in Roland, Okla., about seven miles west of Fort Smith but lightyears away from Arkansas' usury law.

Even the federal Bank Modernization Act doesn't change the environment that has deprived the finance company industry of oxygen in Arkansas. It only relaxed the usury limit for FDIC-insured institutions.

Superior's CEO, Stan Bailey, says his thrift will eventually take advantage of Bank Modernization to make some higher interest loans to Arkansas customers previously considered "unbankable." Meanwhile, he means for Superior Finance Co. to blast off.

"We are starting the business in Oklahoma with the idea of doing some acquisitions of small finance companies," Bailey says.

The decision to hit the acquisition trail coincides with a drop in prices paid for finance companies, Which had reached stratospheric levels during the past few years.

Bailey has already talked to some possible takeover targets in Oklahoma and is interested in looking at others "in states contiguous to Arkansas."
COPYRIGHT 2000 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 7, 2000
Previous Article:Bad Reception.
Next Article:One Moore Sale.

Related Articles
Interstate Firms Offer Attorneys Best of Both Worlds.
The Best of Both Worlds.
Ruling distributed dynamic worlds.
Cultural Aging: Life Course, Lifestyle, and Senior Worlds.
Prophet or Madman.
Lost Worlds.
East-West guess.
Ten worlds.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters