Technicality Tabs ANB Ready To Rock

Arkansas National Bancshares Inc. in Bentonville received approval Aug. 20 from the United States Federal Reserve to finance insurance premiums through its wholly owned insurance subsidiary, Webb & Bentonville Insurance Agencies.r

The holding company, which also owns Arkansas National Bank N.A., bought the insurance firm in April 2002 for what was believed to be a “high six-figure” sum. Dan Dykema, the bank’s chairman and CEO, said the notification will enable his organization to finance commercial premiums as part of a full line of insurance services.r

ANB bought the agency from Sid and Charles Mary Phillippy with a “thumbs up” from the Federal Deposit Insurance Corp. but the additional approval was needed to house financing documents at the insurance agency.