Servicer closes on LR airport facility
TAC Air on Friday closed on the purchase of the facilities of Central Flying Service at the Bill and Hillary Clinton National Airport, the Dallas firm said in a news release.
TAC Air operates 14 aviation service centers.
TAC Air will operate Central Flying Service's fueling, ground handling and related operations. TAC Air also acquired Airport Services Inc., a subsidiary of Central Flying Service. Central Flying Service will operate as a tenant of TAC Air but will continue to provide aviation services such as aircraft sales, charter flights and flight training.
Terms of the deal were not disclosed.
Last year, TAC Air bought Supermarine of Little Rock, the general aviation service at the Little Rock airport that was owned by the Stephens family.
TAC Air is owned by the Truman Arnold Cos.
-- David Smith
Bank's ex-workers get U.S. bans, fine
The Federal Deposit Insurance Corp. has filed orders prohibiting two former Bank of the Ozarks employees from working in banking.
The orders were dated Dec. 29, but were not publicized until Friday.
Heather Barrett worked for Chestatee State Bank of Dawsonville, Ga., before Bank of the Ozarks acquired it in 2010, a Bank of the Ozarks spokesman said. Joseph Willis worked for Bank of the Ozarks in Marshall, Texas.
Both agreed to be barred from working for banks in the future. Willis also was fined $35,000.
Both participated in unsafe or unsound banking practices involving dishonesty, the FDIC said, although details of their actions were not disclosed.
-- David Smith
Index drops 7.70; Murphy Oil gains
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, sank 7.70 to 375.81 Friday.
Sixteen stocks declined and one advanced.
Murphy Oil was the only stock advancing, rising 2.8 percent in heavy trading.
Wal-Mart shares fell 3.1 percent and Dillard's fell 2.3 percent.
ArcBest dropped 6.4 percent on above-average volume.
USA Truck lost 4.1 percent in light trading.
America's Car-Mart fell 3.2 percent on half its average volume.
For the week, 16 stocks fell and one was unchanged.
Deltic Timber was unchanged for the week.
ArcBest had the worst week, losing 8.7 percent.
Total volume of the index was 40.3 million shares. The average daily volume for the week was 25 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 01/31/2015