First National of Wynne to Acquire Bank of McCrory

by Arkansas Business Staff  on Monday, Jul. 17, 2017 4:02 pm   2 min read

First National Corp. Inc., the parent company of First National Bank of Wynne, will acquire Bank of McCrory later this year in a deal the two companies announced Monday afternoon.

Terms of the deal were not included in the announcement. The Bank of McCrory, with one location and 15 employees, had assets of $75.6 million and $8.3 million in equity capital as of March 31.

“We have been positioning FNB to acquire a bank for some time but we wanted the right partner for our market area and our agricultural focus,” Sean Williams, president and CEO of First National Corp., said in the release. “When the Bank of McCrory became an option we knew it would be a tremendous fit for us. Not only do we have agricultural lending in common, both banks have over a century long history in their communities and have worked tirelessly to support our respective communities.

“Bank of McCrory is a financially solid community bank, and when combined with our financial strength, we will be in an even better position to expand and meet the growing needs of the communities we serve.”

Bank of McCrory, chartered in 1903, remained profitable through the Great Recession, recording profits that ranged from $737,000 in 2008 to $402,000 last year. It is the deposit leader in Woodruff County, holding 47.6 percent of countywide deposits as of mid-2016, the most recent data available.

The acquisition, subject to regulatory approval, is expected to close in early fall, and Bank of McCrory will be merged into First National of Wynne.

Vance Thompson, vice chairman, president, CEO and CCO for the Bank of McCrory, called the transaction “a win for both banks.”

“It’s good for The First National Bank, it’s good for the Bank of McCrory, and it’s good for the local community. I look forward to working with Sean and his team to make this a positive experience for our customers and employees,” Thompson said in the release.

First National Bank of Wynne, chartered in 1915, had $282.6 million in assets as of March 31 and six locations in Wynne, Harrisburg, Cherry Valley and Forrest City.

 

 

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