White River Bancshares Gets Approval to Buy Bank of Brinkley

by Arkansas Business Staff  on Monday, Apr. 9, 2007 12:00 am  

White River Bancshares Inc., the holding company for Signature Bank of Arkansas, has received its final approval from the Federal Deposit Insurance Corp. to acquire the Bank of Brinkley and is set to close the deal on Monday.
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 would 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.

 

 

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