Bank of Fayetteville Continues Due Diligence

Bank of Fayetteville officials are continuing their internal due diligence investigation into multiple offers to buy the bank.

Despite the fact that the would-be purchaser, Deposit Guaranty of Jackson, Miss., is itself being bought — by First American Corp. of Nashville, Tenn., — the bank’s interest in the Fayetteville company is unchanged.

Bank of Fayetteville Chairman John Lewis says it’s most important to do what’s best for shareholders.

“We are doing our best to protect shareholders’ interests,” Lewis says. Stockholders must vote on the proposal, but no meeting has been set yet. Lewis says the due diligence investigation has become increasingly complex, thus the delay in scheduling a meeting.

Unlike many other financial institutions, no single shareholder can decide or even sway the vote since no one owns more than 10 percent of the bank’s stock. Bank of Fayetteville marked its 10th anniversary last year.