Forrest City Financial Corp. announces completion of stock repurchase program

Business Wire, Feb 12, 1997

Forrest City, Ark.--(BUSINESS WIRE)--Feb. 12, 1997--Forrest City Financial Corp., the holding company of Forrest City Bank, N.A., announced today the completion of its scheduled repurchase of 10,000 shares or 4.95% of its outstanding shares in the open market.

These shares were purchased at an average price of $20.66 per share. The company now has 192,157 shares outstanding.

John R. Stipe, president and chief executive officer of the company, indicated that the board of directors approved the repurchase program prior to the company's registration as a bank holding company. Stipe stated that, "We believe the repurchase of our shares represented an attractive investment opportunity which benefited the company and our stockholders. The reacquired shares have become treasury shares and will be used for general corporate purposes, including the issuance of shares in connection with the exercise of stock options."

Forrest City Bank, N.A. serves St. Francis County, Ark. through its main office located at 715 North Washington, Forrest City, Ark.

The company's common stock is traded on the "pink sheets" published by the National Quotation Bureau Inc. under the symbol "FOCF."

CONTACT: Forrest City Financial Corp., Forrest City

John R. Stipe, 501/633-1525