LR bank near being largest in Arkansas
Bank of the Ozarks closed on the purchase of Community & Southern Holdings of Atlanta Wednesday, a deal that increases the Little Rock bank's assets to more than $16 billion.
Bank of the Ozarks had $12.3 billion in assets on June 30. At the closing Wednesday, Community & Southern had $3.9 billion in assets. That leaves Bank of the Ozarks with total assets of $16.2 billion.
Arvest Bank of Fayetteville was the largest bank in the state with $16.4 billion as of March 31. Arvest's second quarter assets have not been reported.
It is expected that the Little Rock bank will become the state's largest bank today if Bank of the Ozarks closes as planned on the purchase of C1 Bank of St. Petersburg, Fla. C1 has assets of about $1.7 billion, which would increase Bank of the Ozarks' total to almost $18 billion.
-- David Smith
June truck tonnage in U.S. drops 1.5%
For-hire truck tonnage decreased by 1.5 percent in June, according to the American Trucking Association.
The association's June tonnage index, which is seasonally adjusted, is a survey of ATA members. The results contrast with the index's 2.9 percent gain in May, but compared with June of the previous year, the index rose 2.1 percent.
In 2014 the trucking industry accounted for 68.8 percent of freight carried by all modes of domestic transportation.
"On a month-to-month basis, tonnage has been down in three of the last four months, totaling 4.7 percent since February," ATA chief economist Bob Costello said in a news release.
"Looking ahead, I expect the freight environment will remain choppy. The good news for trucking is we are the most diverse mode of all freight transportation sectors between industrial and consumer freight. We are currently benefiting from the consumer side while being hurt on the industrial side."
-- Emma N. Hurt
11 stocks advance, lift state index 0.43
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.43 to 339.10 Wednesday.
Eleven stocks advanced, six declined and Windstream Holdings Inc. was unchanged.
Dillard's shares rose 2.3 percent in light volume.
P.A.M. Transportation gained 2 percent in below-average trading.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 07/21/2016