7 Arkansas Lenders Still Indebted to Treasury After TARP Relief

by George Waldon  on Monday, Nov. 4, 2013 12:00 am  

• Riverside Bancshares Inc. of Little Rock, Community First Bancshares Inc. of Harrison and other Arkansas TARP players will face a decision whether to stay in the program when a five-year interest spike comes into play in 2014.Both Riverside Bank of Sparkman and Community First Bank have operated profitably and signed aboard TARP to tap into inexpensive capital.

David Morton, CEO of Community First Bank, and Louis Melton, Harrison market president for the bank, couldn’t be reached for comment. Community First has reduced its TARP debt to $9.8 million, and its five-year anniversary is April 3, 2014.

Stephen Davis, chairman and president of Riverside Bancshares, said efforts are in motion to repay the remaining $776,981 before its fifth TARP anniversary on May 15.

“We’re in discussions now to redeem our TARP shares early,” Davis said. “We’re looking at doing that during the next six months.”

White River Bancshares owes $15.2 million, with a five-year anniversary of Feb. 20. OneFinancial Corp. owes $13.5 million, with a five-year anniversary of June 5.

 

 

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