First Security Bank to Buy Fayetteville First Federal Branch

First Security Bank of Searcy said Friday that it has reached a deal with First Federal Bank of Harrison to purchase the assets and deposits of the First Federal branch at 191 West Main in Farmington, near Fayetteville.

Terms of the deal, which ispending regulatory approval, were not disclosed. The banks expect the deal to close in September but they haven't determined an exact date.

Chris Wewers, president and CEO of First Federal Bank, and David Russell, Fayetteville regional president of First Security, announced the deal in a joint statement that described transaction as "mutually beneficial."

"We will work together with First Security to ensure a seamless transition for the Farmington customers," Wewers said. "For now, it will continue to be business as usual for both the employees and customers of the office."

"First Security is always looking for the opportunity to expand our branch network within Arkansas, our home state, Russell said. "The Farmington location will allow us to become a vital part of the community, just as First Federal has been. We look forward to serving more Farmington and western Washington county residents."

First Security already has plans for two other locations in Fayetteville: at 11 N. College Ave. and at 3443 W. Wedington Dr. Last week, the company held a ground-breaking ceremony for a branch at 5208 S. Thompson St. in Johnson.