Anstaff Bank N.A. Expanding With Purchase of Flippin Bank
by October 23, 2015 9:50 am 375 views
First National Bancorp Inc., the holding company of Anstaff Bank N.A. of Green Forest, has entered into an agreement to acquire 100 percent of the stock of Twin Lakes Community Bank of Flippin.
The two companies announced the deal Friday in a joint news release from Anstaff Bank chairman and CEO Steve Stafford and Twin Lakes CEO Jerry Cunningham.
The deal is subject to regulatory and shareholder approval, and is expected to close by the end of the year.
Once complete, First National Bancorp will have assets of approximately $540 million, and Twin Lakes will continue to operate as a subsidiary of First National Bancorp, according to the release.
“We view the Twin Lakes Community Bank markets as a complement to our existing markets and our strategic plans for growth,” Stafford said. “Twin Lakes Community Bank and Anstaff Bank are similar in their approach to customer service and community banking, which makes this an excellent fit for both of us. Customers can be assured that we are committed to continue to provide the same outstanding customer service they have come to expect.”
As of June 30, according to the Federal Deposit Insurance Corp., Anstaff Bank had 96 employees and assets of $429.9 million. The bank has nine locations in Green Forest, Huntsville, Jasper, Harrison, Kingston and Berryville.
Twin Lakes had assets of $109.3 as of June 30, up from $92.8 million in mid-2014, and 34 employees. The bank has three locations in Flippin, Mountain Home and Norfork.