Posted 3/4/2013 12:00 am
The Benton County expansion of Chambers Bank via Decatur State Bank is a temporary situation.
That’s because the Danville lender took control of the $127 million-asset bank through a DPC (debt previously contracted) acquisition.
Chambers Bank took control of Decatur State Bank when its owners had to forfeit Peterson Holding Co. shares to make good on a loan gone bad. Peterson Holding owns DSB.
DPC shares may be held for a period of two years under the Bank Holding Company Act. Chambers could gain additional time from federal and state regulators to liquidate its position.
The Act makes provision for regulators to grant as many as three, one-year extensions. That raises the possible ownership ceiling to a maximum of five years.
The same temporary ownership situation applies to the $232 million-asset Grand Savings Bank of Grove, Okla., another Peterson Holding asset.
Chambers has collected 72,980 shares of the holding company, or 99.16 percent of its 73,600 outstanding shares.
The Peterson Holding stock was transferred from the Lloyd Peterson Revocable Trust, 69,966 shares; Blake Evans and Brook Evans Mountain, 1,147 shares each; Richard E. Wilmoth Revocable Trust, 520 shares; and Tom M. Edmiston/Lisa L. Edmiston, 200 shares.
Chambers Bank, Danville
Total Assets: $1 billion
Net Income: $9.1 million
Staff: 234 (as of Dec. 31)
19 Full-service Locations: Two each in Danville, Fort Smith, Hot Springs Village and Springdale; and one each in Amity (Clark County); Bentonville; Dardanelle and Havana (Yell County) Elkins and Goshen (Washington County); Fayetteville; Kirby (Pike County); Mansfield and Waldron (Scott County); and Mena (Polk County).
|Total Assets*||Net Income*|
**Total for Chambers Bank of Danville and Chambers Bank of North Arkansas in Fayetteville before the separate charters were consolidated.