Hank Henderson, the recently retired America's Car-Mart chief executive, was awarded a $1.1 million, lump-sum special retirement bonus, according to documents filed with the Securities and Exchange Commission on Thursday.
The bonus was for Henderson's "significant contributions and long-standing service to the Company," according to the filing. As part of the retirement deal, Henderson will also receive a monthly consulting fee of $2,000 for a two-year period.
In mid-August, Henderson said he would step down at the end of the year. He was with the company for 30 years and headed it for the past decade. He was replaced by President and Chief Financial Officer Jeff Williams, a longtime company executive.
Henderson's current stock options will continue to vest and can be exercised; he will receive vested and accrued benefits from the company's 401(k) program; and he will remain on the Bentonville company's board of directors, according to the filling.
As a nonemployee director he will be eligible for an annual $40,000 retainer but for the first two years will not be eligible for stock options or restricted shares available for nonemployee directors.
-- John Magsam
Bank to south to buy Crossett's First State
Capital Bancorp Inc., parent company of Commercial Capital Bank of Delhi, La., has agreed to buy First State Bank of Crossett, the two banks announced Wednesday.
Terms of the transaction were not disclosed. The deal is expected to close this spring.
First State Bank has about $36 million in assets with four locations, including two in Crossett.
The acquisition should be good for Commercial Capital Bank because First State Bank is in its market area, said Garland Binns, a Little Rock banking attorney.
"This also reflects the continued consolidation of community banks not only in Arkansas but throughout the U.S.," Binns said.
As of Dec. 31, there were fewer than 100 banks based in Arkansas. There were 150 banks in the state a decade ago at the end of 2007.
-- David Smith
New state index high set as market rallies
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 5.0 to a record 423.89 on Thursday.
"Equities rallied sharply today as major averages closed at record highs with the energy sector outperforming, driven by rising crude oil prices," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 01/12/2018
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