Signature Closing on Bank Purchase

White River Bancshares Inc., the holding company for Signature Bank of Arkansas, received its final approval from the Federal Deposit Insurance Corp. on March 23 to purchase the Bank of Brinkley. The transaction was set to close on April 9.
Gary Head, chairman and CEO of White River, wouldn’t say how much the deal was worth, but said the Bank of Brinkley would become White River’s third largest shareholder.
Estimates put the deal in the $30 million range.
Signature has current assets of about $360 million and the Bank of Brinkley has assets of about $140 million.
“They have excess deposits and we have excess loans,” he said, and pointed out what a good balance it will be for both banks.
The 103-year-old Bank of Brinkley has been owned by the Rusher family. Albert Rusher serves as chairman, and Gus Rusher is president. Head said there are no plans to re-brand the bank.