Forrest City Financial announces bank conversion for subsidiary thrift

Business Wire, Oct 4, 1996

FORREST CITY, Ark.--(BUSINESS WIRE)--Oct. 4, 1996--Forrest City Financial Corp. (the "Corporation"), the parent holding company of Forrest City Bank, FSB (the "Thrift") has announced that the Office of the Comptroller of the Currency, the Administrator of National Banks, has approved the charter conversion of the Thrift to a national bank.

"We are very excited about becoming a national bank," said John R. Stipe, the Thrift's president and chief executive officer. "A national bank charter will provide us with a broader array of powers than those available to a thrift and greater flexibility in positioning the bank for the future," Stipe concluded.

The Corporation expects to receive Federal Reserve Board approval to become a bank holding company within the next 30 days and to complete the transaction in the fourth quarter of 1996.

CONTACT: Forrest City Financial Corp., Forrest City

John R. Stipe, 501/633-1525