Posted 8/17/2011 11:29 am
Updated 11 months ago
Heber Springs State Bank and Little Rock's Eagle Bank & Trust will merge early next year. The combination will result in a $340 million-asset lender with 14 locations staffed by more than 80 employees.
Jeff Lynch, president and CEO of Heber Springs State Bank, will lead the combined operations, which will continue under the Eagle Bank & Trust name using the Heber Springs State Bank charter.
Both banks are owned by State Holding Co., controlled by the Harry Hastings Jr. family of Little Rock. Harry Hastings III joined the Dillard's Inc. board of directors last year.
In January, Randy Herlocker left as president and chief executive officer of Eagle Bank to join IberiaBank in Little Rock as senior vice president and senior relationship manager.
Heber Springs State Bank generated a $992,000 profit on total assets of $195 million through June 30. The lender recorded net income of nearly $2 million last year.
Eagle Bank reported total assets of nearly $136.5 million and net income of $593,000 as of June 30. The bank ended 2010 with a $36,000 loss.
Eagle began in 1966 as First State Bank of Sherwood before its renaming and relocation to Little Rock in 1987. The Hastings family bought controlling interest and recapitalized Heber Springs State Bank in 1984.