Bank of England Has Reached an Agreement to Acquire the Carlisle and England Branch Offices from First Community Bank, Jonesboro

Business Wire, July 23, 2002

Business Editors

ENGLAND, Ark.--(BUSINESS WIRE)--July 23, 2002

Gary Canada, Sr., President of Bank of England, England, Arkansas and Dwayne Powell, President of Pocahontas Bancorp, Inc. (Nasdaq NMS:PFSL), the holding company for First Community Bank, Jonesboro, Arkansas announced the signing of an agreement for First Community Bank to sell its banking offices in, Carlisle and England, Arkansas to Bank of England, Arkansas.

Commenting on the proposed acquisition, Mr. Canada states, "We are excited about this opportunity to expand into Carlisle as well as increase our market presence in England. We are confident that Bank of England's philosophy of community banking will be well received in the Carlisle community." This new location provides the opportunity for Bank of England to expand their presence to the eastern part of Lonoke County. At this time, Bank of England has offices in Scott, England and Lonoke, serving the eastern part of Pulaski County and the western, central and southern areas of Lonoke County, but does not currently have a branch in Carlisle, Arkansas. Mr. Canada went on to say, "This fits well with our desire to provide quality banking services to local communities. We anticipate keeping the same staff in place as a part of Bank of England's Team."

Dwayne Powell said, "We look forward to focusing on our other Arkansas markets and will continue our banking operations in those markets currently serviced by First Community Bank. The sale of the England and Carlisle facilities and deposits, as with the sale of any of our banking operations, was reached after much deliberation."

Pending regulatory approvals from the Arkansas State Bank Department and the Federal Deposit Insurance Corporation, the transaction is expected to close during the fourth quarter of 2002.

Bank of England had $74 million in assets as of March 31, 2002. The Bank's main office may be contacted at (501) 842-2555 or 123 South Main Street, England, Arkansas 72046.