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Worthen Banking Corp.

WORTHEN BANKING CORP.

Earns $5.6 Million In First Quarter

LITTLE ROCK, AR, April 23, 1991 -- Worthen Banking Corp. (AMEX:WOR) recorded net income of $5,604,000 or 51 cents per share in the first quarter of 1991, which represents a 36.8 percent increase over the net income of $4,097,000 or 37 cents per share earned in the first quarter of 1990. The 1991 first quarter earnings included a net recovery of $794,000 from the bankruptcy estates of Bevill, Bresler and Schulman, a New Jersey securities firm.

"Having firmly entrenched in our corporate culture the precepts of costs control, sound lending and a conservative balance sheet, Worthen Banking Corp. is now making statewide market share inroads through marketing ourselves more effectively and continuing to consider sound acquisition alternatives," said Curt Bradbury, chairman, president and chief executive officer.

During the quarter, Worthen Banking Corp. increased its presence in statewide banking by adopting "Worthen National Bank" as part of the new names of its 10 affiliate banks, Bradbury said. "In support of this name unification, the Corporation has launched a statewide marketing campaign which emphasizes the local commitment of our community banks and the strength of our statewide banking network," Bradbury said.

In addition, the Corporation signed a definitive agreement on March 18 whereby Worthen National Bank of Arkansas agreed to pay approximately $5.3 million to acquire approximately $170 million in certain assets and deposit liabilities of One National Bank in North Little Rock, including eight branch locations in North Little Rock.
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Title Annotation:Public Company Corporate Reports
Publication:Arkansas Business
Date:May 6, 1991
Words:256
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