Forrest City Financial announces thrift subsidiary's conversion to national bank

Business Wire, Jan 6, 1997

FORREST CITY, Ark.--(BUSINESS WIRE)--Jan. 6, 1997--Forrest City Financial Corporation ("Corporation"), the parent company of Forrest City Bank, FSB (the "Savings Bank"), has announced the charter conversion of the Savings Bank to a national bank under the title "Forrest City Bank, N.A."

"We are very excited about being a national bank," said John R. Stipe, president and chief executive officer. "A national bank charter will provide us with a broader array of powers than those available to a savings bank and greater flexibility in positioning the bank for the future," Stipe concluded. Deposits maintained at Forrest City Bank, N.A. will continue to be insured up to applicable limits by the Federal Deposit Insurance Corp.

The Savings Bank's charter conversion to a national bank became effective Jan. 1, 1997. The law firm of Silver, Freedman and Taff, L.L.P., Washington D.C., acted as regulatory counsel in the transaction.

CONTACT: Forrest City Financial Corp., Forrest City

John R. Stipe, 501/633-1525