Central Figure
by February 7, 2000 12:00 am 162 views
In case you’re curious, we unburied some more details on Bentonville-based Arvest Bank Group Inc.’s entry into the Pulaski County market.
In round numbers, the deal to buy Little Rock’s Central Bank & Trust is worth more than $15.7 million.
That amount is broken into a pair of components: $15 million for P&W Bancshares Inc., the holding company for the bank, and $730,482 for a 20 percent minority shareholders’ stake in Central Mortgage Co.
That $15 million is divided among the family of Robert M. Wilson, $6.81 million; the family of George Pitts Jr., $6.78 million; and the family of Ron Strother, $1.41 million.
Arvest intends to infuse an additional $12 million in equity capital to grow the bank to a near-$100 million asset bank.
Jim Cargill will join the bank as executive vice president and sales manager. The new board of directors will include Jim Walton, chairman of Arvest; Rick Chapman, Bob Kelly and Cargill.
You may recall that Arvest last year struck a $19.4 million deal to buy First National Bank in Huntsville, with assets of $84.1 million.