by Arkansas Business Staff
on Thursday, Sep. 14, 2017 1:14 pm
1 min read
First National Corporation of Wynne, parent company of The First National Bank of Wynne, said Thursday that it received regulatory approval to acquire Bank of McCrory.
The acquisition, originally announced in July, requires shareholder approval, but the company said it’s on track to close the deal on Oct. 31.
The Bank of McCrory will operate under its current name until sometime in the first quarter of 2018, when bank systems can be converted to First National Bank systems. When the deal closes, Tim St. Clair will be named community president of McCrory.
Bank of McCrory, chartered in 1903, remained profitable through the Great Recession, recording profits that ranged from $737,000 in 2008 to $402,000 last year. It is the deposit leader in Woodruff County, holding 47.6 percent of countywide deposits as of mid-2016, the most recent data available.
Established in 1915, First National Bank of Wynne has six locations serving Wynne, Harrisburg, Cherry Valley and Forrest City. As of June 30, the bank had $279.2 million in assets. The deal for Bank of McCrory will push the company’s assets to $358.2 million.
click here to read more.