by Lance Turner
Posted 9/16/2013 12:00 am
Updated 11 months ago
The sale of Metropolitan National Bank is one of three prominent bank deals that’s been playing out in 2013:
June 25 - Home BancShares Inc. of Conway, the publicly traded parent of Centennial Bank, announces a $280 million deal to purchase Wallace Fowler’s Liberty Bancshares Inc. of Jonesboro. The deal, set to close late next month, will create the second-largest Arkansas-chartered bank.
July 1 - First Federal Bancshares of Arkansas, the publicly traded parent company of First Federal Bank of Harrison, announces a $124 million cash and stock deal to acquire First National Security Co., the holding company for First National Bank of Hot Springs and Heritage Bank in Jonesboro. The combination, set to close in the fourth quarter, will almost triple First Federal Bancshares’ assets to about $1.4 billion and expand its branch network.
July 5 - Rogers Bancshares Inc. announces Chapter 11 bankruptcy to facilitate the sale of Metropolitan at auction, preferably to “stalking horse” bidder Ford Financial Fund II of Dallas, which later said it would inject $74 million in new capital into Metropolitan. Last week’s auction, where Simmons First National Corp. emerged the successful bidder, changed the face of the sale considerably.