First Financial Bank, headquartered in El Dorado, has entered into an agreement to acquire The First National Bank of Wynne and its branches in Cherry Valley, Forrest City, Harrisburg, McCrory, and Wynne.
The purchase is contingent on the approval of regulatory agencies and the satisfaction of other conditions set forth in the agreement. The closing of the transaction is expected to occur in the fourth quarter of 2019, following the filing of regulatory applications and approval of federal and state banking authorities.
First Financial Bank, founded in 1934, is the 11th largest bank in Arkansas. It reported total assets of $1.06 billion at the end of the first quarter of 2019.
The First National Bank of Wynne had total assets of $43.1 million at the end of the first quarter of 2019.
“Since 1934, First Financial has provided community bank services and local leadership across Arkansas and Mississippi. We’re excited to expand our retail footprint into Cross County and northeast Arkansas,” Chris Hegi, President and CEO of First Financial Bank said.
“Finding the right partner in growing our bank was very important to us. It’s going to be a good fit and we look forward to investing in the people and businesses in the northeast Arkansas market. We expect a very smooth transition for employees and customers alike, and we’re excited to bring our award-winning hometown service to customers at this location,” Hegi added.
“I couldn’t ask for a better partner for the First National Bank family than First Financial Bank,” said Sean Williams, President and CEO of First National Bank of Wynne.
“We share the same values and vision of community banking, and I believe this is a win for our customers and the communities we serve. I look forward to working with Chris and his team to make this a positive experience for our customers and employees,” he said.