Heartland Community Bank Deal Approved

by Carl D. Holcombe  on Tuesday, Aug. 17, 2004 11:57 am  

The federal Office of Thrift Supervision has approved the Rock Bancshares Inc. acquisition of struggling thrift HCB Bancshares Inc. as of Monday.

Rock, an investment group led by L. Walter Quinn, will pay about $27.9 million for HCB based on shareholder approval last month of a purchase agreement. The deal amounts to $18.63 per share for about 1.5 million shares.

HCB is the parent company of Heartland Community Bank, which has banks in Bryant, Camden, Fordyce and Sheridan. It has about $240 million in assets.

Quinn has said after OTS approval he would name the partners in privately held Rock Bancshares, which is a thrift holding company. He has said some investors are Arkansans.

Quinn couldn't be reached for comment Tuesday.

Randy Dennis, president of DD & F Consulting Group Inc. of Little Rock, which is consulting for all parties on the transaction, recently told Arkansas Business that Rock has also already agreed, pending final acquisition of HCB, to sell two banking offices, assets, deposits, liabilities and a vacant lot at Camden to Farmers Bank and Trust Co. of Magnolia.

The FDIC has already approved Farmers Bank's acquisition, pending OTS approving of Rock acquiring HCB, Dennis has said.



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