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Worthen Banking Corp.


Earns $5.3 Million In Second Quarter

LITTLE ROCK -- Worthen Banking Corp. recorded net income of $5.3 million, 49 cents a share, in the second quarter of 1991, a 4 percent increase over net income of $5.1 million, 47 cents a share, in the second quarter of 1990.

For the six months ended June 30, the company recorded net income of $10.9 million, $1 a share, compared with $9.2 million, 84 cents a share, in the first six months of 1990. That's an 18.5 percent increase.

The first six months of 1991 and 1990 included $800,000 and $400,000, respectively, from the bankruptcy estates of Bevill Bresler and Schulman, a New Jersey securities firm.

As of July 1, the acquisition of the eight North Little Rock branches of One National Bank, comprising more than $153 million of assets and liabilities, was completed.

With the North Little Rock acquisition, Worthen will have assets of $2.3 billion.

Andrew Melton, executive vice president and chief financial officer, said the announced acquisition of First National Bank of Fayetteville will give Worthen about $2.6 billion in total assets. Completion of the acquisition is expected during the fourth quarter of 1991.

Melton said, "This acquisition will more than double Worthen's presence in northwest Arkansas."

Stockholders' equity was 6.02 percent of total assets on June 30, and the leverage ratio was 5.47 percent.

At the end of the second quarter, the corporation had equity capital of $131.6 million and a market capitalization of $151.7 million. That represented a book value of $12.04 per share based on 10,931,399 shares outstanding.

As of June 30, Worthen had assets of $2.2 billion.

The corporation owns 10 banks and other financial service companies throughout Arkansas.

Contact: Andrew T. Melton, Worthen Banking Corp., P.O. Box 1681, Little Rock, 72203, 378-1526.
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Title Annotation:Public company corporate reports
Publication:Arkansas Business
Article Type:company profile
Date:Aug 12, 1991
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