News in brief

SWEPCO in accord

on wind farm project

Southwestern Electric Power Co. said Tuesday it reached a settlement in the proposed $4.5 billion Wind Catcher Energy Connection project, an Oklahoma wind farm.

The agreement includes SWEPCO, the Arkansas Public Service Commission's general staff, the Arkansas attorney general, Walmart and Sam's Club. The parties asked the commission to approve the project under terms of the settlement.

After a series of negotiations, SWEPCO agreed to provide a number of guarantees, including a cap on construction costs, qualification of 100 percent of federal Production Tax Credits and minimum annual production from the project.

SWEPCO has about 116,000 customers in western Arkansas.

"Walmart has a goal to be supplied by 100 percent renewable energy and sourcing from wind energy projects, like the Wind Catcher project, is a core component in the mix," said Mark Vanderhelm, Walmart's vice president of energy.

-- David Smith

Simmons completes

step with Texas bank

Simmons First National Corp. has completed the data-processing conversion of Southwest Bank of Fort Worth, the Pine Bluff bank said Tuesday.

Southwest Bank will operate as a division of Simmons Bank.

Simmons announced the purchase of Southwest Bank and closed on it last year.

"We are confident this merger will bring long-term benefits to our customers, associates and shareholders by providing more efficient delivery of our products and services," George Makris, chairman and chief executive officer of Simmons, said in a prepared statement.

Simmons had $15.1 billion in assets as of Dec. 31, with almost 2,700 employees and about 200 offices in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas.

-- David Smith

State index off 11.88

as most stocks skid

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, tumbled 11.88 to 407.29 Tuesday.

All but three stocks on the index lost ground.

Walmart stockholders traded 52 million shares as the Bentonville retailer lost 10.2 percent.

Deltic Timber fell 5.3 percent in heavy volume.

America's Car-Mart climbed 3.8 percent on more than double its average volume.

Total volume for the index was 67 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 02/21/2018

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