Posted 2/4/2014 08:31 am
Updated 10 months ago
First Bank of Hampton (
First Community reported total assets of $66.8 million in its final call report on Sept. 30. Its Van Buren and Alma locations are now branches of First Bank. Terry Carson, president of First Community, is now First Bank's market president for
First Community was owned by Ashley Bancstock Co. of Crossett since 2007. The holding company also owns $138.7 million-asset First National Bank of Crossett.
The sale of First Community was preceded by federal regulators labeling the bank "significantly undercapitalized" in a prompt corrective action directive on Sept. 12, 2013. First Community lost more than $6.3 million since 2011, and its final total equity tally was $4.1 million.
First Community entered a consent order with the Federal Deposit Insurance Corp. on July 31, 2012. The order which called for improved capital and reduced concentrations of credit.
The $261 million-asset First Bank is owned by Harrell Bancshares Inc. of
A branch in