ANB Catches Webb

Spiderman has nothing on Arkansas National Bancshares Inc. these days.

The holding company for Arkansas National Bank N.A., ANB bought out Webb & Bentonville Insurance Agencies in late April for what industry insiders suspect was a high six-figure deal.

Both Dan Dykema, chairman and CEO of ANB, and Sid Phillippy, co-owner of Webb with his wife Charles Mary Phillippy, declined to disclose the financial terms.

The catch is a big one for ANB, which was granted approval April 18 to add insurance to its business line by the Federal Deposit Insurance Corp. Webb & Bentonville boasts about 4,000 clients and offers all forms of insurance.

It will operate like a wholly owned subsidiary of ANB. Phillippy will stay on with Webb as a very active agent.

For the time being, Webb & Bentonville will keep its 8,000-SF building at 2003 S. Walton Boulevard. The agency, which employs 12 people, only takes up about 5,000 SF of the building, and plans to lease the additional space.

ANB is acquiring licensees to operate insurance sales within the bank. It also has applied to become a broker dealer. Sweeping industry integrations have been under way since the Gramm-Leach-Bliley Act of 1999 tore down long-standing walls between financial service sectors.