First Security Bank Acquiring Branch From First Federal

Searcy-based First Security Bank has entered into an agreement with First Federal Bank of Harrison, to purchase certain fixed assets and non-maturity deposit accounts associated with a First Federal branch in Farmington.

The transaction is pending regulatory approval and terms of the deal were not disclosed.

A closing date has not been determined, but is anticipated to be in September of this year. The announcement was made jointly by officials of both banks.

Chris Wewers, President and CEO of First Federal Bank, and David Russell, Fayetteville Regional President of First Security, described the pending transaction as “mutually beneficial.”

“We will work together with First Security to ensure a seamless transition for the Farmington customers,” said Chris Wewers, President and CEO of First Federal Bank. “For now, it will continue to be business as usual for both the employees and customers of the office.”

“First Security is always looking for the opportunity to expand our branch network within Arkansas, our home state. The Farmington location will allow us to become a vital part of the community, just as First Federal has been. We look forward to serving more Farmington and western Washington county residents,” said David Russell, Fayetteville Regional President of First Security.