First Security Bank to Buy First Federal Branch in Farmington
by July 12, 2013 11:35 am 121 views
First Security Bank of Searcy, one of the state’s largest organizations, is expanding its footprint in Washington Co.
Officials with the bank, as well as First Federal Bank of Harrison, announced Friday an agreement for First Security to purchase certain fixed assets and all transaction deposit accounts of the First Federal branch at 191 W. Main St. in Farmington.
David Russell, Fayetteville regional president of First Security, said First Federal would retain all CDs and loans.
The transaction is pending regulatory approval, anticipated to be in September.
In a press release distributed by First Security, Russell and Chris Wewers, president and CEO of First Federal, described the pending transaction as “mutually beneficial.”
The addition will give First Security 10 branch locations in Washington Co. and 16 in the two-county area
First Federal will be left with three branch locations in Northwest Arkansas, three each in Benton and Washington counties.
First Security Bancorp, the holding company for First Security Bank, has assets totaling more than $4.5 billion across 70 locations in Arkansas.