Capital Idea

by Arkansas Businessstaff  on Monday, Apr. 12, 1999 12:00 am  

Heard about another bank deal in the works that will result in a new operation coming to Little Rock?

The banking concern in question is SEA Arkansas Bancshares Inc., the one-bank holding company of Southeast Arkansas Bank in Parkdale (Ashley County).

A group of new investors is in the early formation stages of raising $5 million-$7 million to buy controlling interest in the $59 million-asset bank.

The ring leader of the effort is J. French Hill, chairman of First Commercial Corp.'s trust company and investment brokerage subsidiaries.

Given Hill's background, it's no surprise that adding a trust and broker/dealer operation is among the first orders of business.

Hill will become president and chief executive officer of the new organization, which has yet to be named. He is teaming up to form the new investor group with Tom Pugh Jr.

The families of Tom Pugh Sr. and George Pugh control the Parkdale bank. The bank has branches in Wilmot, Eudora and Hamburg.

Tom Pugh Sr. will remain aboard as chairman after the private placement offering.



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