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Remember that Scott County bank buy we told you about two weeks ago?

Here are some more details.

The acquisition of Rodgers Family Bancshares (the one-bank holding company for the Bank of Waldron) will tip the scales at $9.73 million.

The bank's numbers read this way as of March 31: total assets of $68.5 million and total deposits of $59.6 million.

In case you've forgotten, First National Security Co. of De Queen is the buyer.

The acquisition would likely make the company the 11th largest bank holding company in Arkansas based on total assets.

First National, with assets of $249.67 million, is the holding company of four southwest Arkansas banks: First National Bank of De Queen, the Bank of Ashdown, First National Bank of Howard County at Dierks and Citizens National Bank of Nashville.

The proposed acquisition breaks down to $152.20 per share for 97.9 percent of RFB stock and $450 per share for Bank of Waldron stock.

The sales price will be on a five-year pay out with 10 percent due Dec. 31, 1991, and Jan. 2, 1992-96.

The remaining 40 percent will be a balloon note due Jan. 2, 1997.

John and Karolyn Hendrix of Midland, Texas, own 77.89 percent of the National Security's stock. Dr. Frank Daniel of De Queen owns 2.5 percent.
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Title Annotation:First National Security Co. acquires Rodgers Family Bancshares
Publication:Arkansas Business
Date:Aug 5, 1991
Words:228
Previous Article:On the edge.
Next Article:Out of business.
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