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Arkansas Business, May 11, 2009
A month ago, we told you about an ownership shift at Batesville's First Southern Bank.
We have more details on that purchase by a group of Batesville-area investors.
The buyers, working in the name of PA Alliance Trust, intend to purchase a big block of shares held by First State Bank of Lonoke, Fidelity National Bank of West Memphis and Cross County Bank of Wynne.
The shares represent a 52.7 percent stake, 53.7 percent if option shares in the $103 million-asset bank are included.
Proposed acquisition price for the shares? More than $9.2 million.
The deal will be financed with a $4.6 million loan from Lonoke's First State Bank.
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COPYRIGHT 2009 Gale, Cengage Learning
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