First Financial Bank of El Dorado announced Thursday that it has entered into a definitive agreement to acquire First National Bank of Wynne, which has branches in Cherry Valley, Forrest City, Harrisburg, McCrory and Wynne.
Financial terms of the transaction were not disclosed. The purchase is contingent on the approval of regulatory agencies and the satisfaction of other conditions set forth in the agreement. It is expected to close in the fourth quarter of 2019.
Sean Williams, president and CEO of FNB-Wynne, said in a news release, “I couldn’t ask for a better partner for the First National Bank family than First Financial Bank. We share the same values and vision of community banking, and I believe this is a win for our customers and the communities we serve. I look forward to working with Chris and his team to make this a positive experience for our customers and employees.”
Chris Hegi, president and CEO of First Financial Bank, said in the release, “We’re excited to expand our retail footprint into Cross County and northeast Arkansas. Finding the right partner in growing our bank was very important to us.
“It’s going to be a good fit and we look forward to investing in the people and businesses in the northeast Arkansas market. We expect a very smooth transition for employees and customers alike, and we’re excited to bring our award-winning hometown service to customers at this location,” he said.
Customers of FNB-Wynne may continue to conduct business as normal and will receive notifications regarding the progress of the transaction in advance of any changes, according to a news release. They’ll also be able to use their same checks, debit cards and online banking services at their usual locations. If customers have questions, they should contact their local office.
First Financial Bank has six branch locations in Union County, one in Pulaski County, one in Mena and two in Mississippi. It employs 324 people and has $1.06 billion in assets.
FNB-Wynne has $340 million in assets, 82 employees, seven branches in four counties, a data servicing center and two standalone ATMs in northeast Arkansas.