Russellville Bancshares Gets Approval for Arkansas State Bancshares Buy

Liberty Bancshares of Jonesboro and Russellville Bancshares of Russellville recently received regulatory approval to purchase Arkansas State Bancshares, which operates the $170 million Arkansas State Bank of Siloam Springs.

The deal will be complete Oct. 4, Howard Hamilton, Liberty Bank of Arkansas’ regional president, said. Liberty will own about 80 percent of ASB, while Russellville Bancshares will have about a 20 percent stake.

Hamilton said ASB will retain its original 1960 charter and operate as an independent bank, but its name will change to Liberty Bank of Arkansas — a mirror of Jonesboro’s Liberty Bank of Arkansas, which has about $810 million in assets.

ASB operates five offices in Siloam Springs, Gentry and Tontitown but is going to move closer to the action. Hamilton said a site in the Fayetteville/ Springdale area is close to being leased and the bank is looking at a couple of Rogers sites.

Russellville Bancshares operates First Arkansas Valley Bank of Russellville, with 14 offices in five counties and $475 million in assets and $324 million in deposits.