Madison Bank Gets New Majority Shareholder
by January 20, 2003 12:00 am 73 views
Madison Corp., which owns Madison Bank & Trust of Madison County, has a new majority shareholder after an agreement with Allied Bank of Mulberry.
Alex Golden is chairman of Allied Bank, and the new majority shareholder in Madison Corp. is Acme, Allied’s holding company.
Roland and Rose Willshire of Little Rock are selling their interest in Madison Corp., according to a press release.
The agreement is expected to close during the first quarter of the year.
The Willshires, along with Golden, bought their interest in Madison Corp. in 1986 from the late James B. McDougal and his associates.
The name will remain Madison Bank & Trust, and Gary Bunch will continue as president.
Details of the transaction were not disclosed.
Allied Bank will have more than $125 million in assets after the deal closes.
Allied Bank has offices at Little Rock, Mansfield, Mulberry and Ozark and will add offices at Huntsville and Kingston when the Madison deal is approved.