First National Corp. of Wynne is set to expand its footprint westward into Woodruff County with a $9.5 million cash purchase, about 1.15 times book value. The $79 million-asset Bank of McCrory will be merged into First National Bank of Wynne. The combination will boost First National’s total assets to more than $358 million.
The deal, approved by the Office of the Comptroller of the Currency on Aug. 28, is expected to close this month.
“We really anticipate closing on the 31st,” said Sean Williams, president and CEO of First National Corp. “We’re on target and expect everything to go according to plan.”
The buy will give First National a market-leading position in Woodruff County. Bank of McCrory holds a 45 percent market share of deposits, the largest among a group of three lenders in the county.
First National holds a market-leading 40.5 percent of deposits in Cross County. The bank is No. 2 in Poinsett County with 19.1 percent of deposits and third in St. Francis County at 8.9 percent.
The pending purchase of Bank of McCrory isn’t a first for First National.
First National added to its Poinsett County franchise in 2006, acquiring the $68.3 million-asset Bank of Harrisburg. The $14.9 million cash deal represented a multiple of about 2.3 times book value.
Among the biggest individual shareholders in Bank of McCrory are:
- The Ian Arnof Irrevocable Trust, a nearly 21.7 percent stake worth more than $2.05 million.
- The Ann Arnof Fishman Revocable Trust, a nearly 16.5 percent stake worth more than $15.6 million.
The largest block of Bank of McCrory stock is owned by M.D. Thompson & Son Co. of McCrory. That nearly 30.3 percent stake is worth almost $2.9 million.
The following are the biggest beneficiaries within this investment group:
- Brooke T. Cavitt, $565,661
- John Thompson Jr., $556,154
- Vance Thompson Jr., $398,988
- Brenda Thompson, $396,104
- Vance Thompson III, $291,453
- Greer T. Llewellyn, $268,305
Bank of McCrory
Total Assets: $79,031
Equity Capital: $8,618
Net Income: $1,012
Staff: 15 | Full-Service Locations: One
All dollars in thousands, as of June 30
| Total Assets | Equity Capital | Cash Dividends | Net Income | |
| 2016 | $82,605 | $8,026 | $240 | $402 |
| 2015 | $80,917 | $8,105 | $600 | $620 |
| 2014 | $88,327 | $8,107 | $600 | $713 |
| 2013 | $81,909 | $8,038 | $600 | $623 |
| 2012 | $83,912 | $8,032 | $240 | $417 |
| 2011 | $76,144 | $7,910 | $430 | $524 |
| 2010 | $73,956 | $7,729 | $600 | $349 |
| 2009 | $72,405 | $7,713 | $600 | $575 |
| 2008 | $73,527 | $7,781 | $700 | $737 |
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