Cross County Bank to add Forrest City
Cross County Bancshares of Wynne has agreed to acquire Forrest City Bancshares, the two eastern Arkansas bank holding companies said Monday.
With the transaction, Forrest City Bank will become part of Cross County Bank. Terms of the deal were not disclosed.
The purchase will allow Cross County Bank to meet the needs of its existing customers in Forrest City, said David Dowd, Cross County's chief executive officer.
"This is a good deal for both banks," Dowd said in a statement.
Competition and the increased regulatory burdens make it difficult for small banks to remain profitable, said Dwight Rutland, chief executive officer of Forrest City Bank.
Cross County Bank has about $200 million in assets and will have more than $250 million when the deal closes later this year.
-- David Smith
Tyson gives veterans trailer for relief work
Tyson Foods donated a 53-foot semitrailer to Team Rubicon, a military veterans group, to serve as the organization's command center during disaster relief. The trailer was unveiled Tuesday.
The trailer includes storage, sleeping quarters and office space for Team Rubicon's staff and volunteers. The partnership with the organization, announced earlier this year, will combine Team Rubicon's logistics knowledge with Tyson Foods' experience providing food to victims and aid workers during disasters.
Tyson Foods will mobilize the unit alongside the company's Meals that Matter disaster response unit, when appropriate, and will work collaboratively to assist disaster victims and aid workers.
Team Rubicon was established by Jake Wood, its chief executive officer, and fellow former Marine William McNulty after the Haiti earthquake in 2010.
-- Brian Fanney
State index climbs 3.51, ends at 354.45
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 3.51 to 354.45 on Tuesday.
"The major averages rallied on the first day of July after several encouraging reports indicated that the global economy is improving," said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock. "Arkansas stocks finished strong with 14 issues advancing while only three declined."
P.A.M. Transportation rose more than 4.5 percent and set a 52-week high before pulling back as the company's shares traded more actively after being added to the Russell 3000 and the Russell Global indexes on Friday, Williams said.
On the downside, USA Truck dropped by 1.4 percent on average volume, Williams said.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 07/02/2014