Acquisition of First State Bank of Crossett Expected by 2020


Acquisition of First State Bank of Crossett Expected by 2020
First State Bank's drive-thru location in Crossett. (Google Maps)

The sale of the $34.6 million-asset First State Bank of Crossett to Capital Bancorp Inc. of Delhi, Louisiana, announced 18 months ago, is now expected to close before year’s end.

First State reported a $193,000 profit last year and generated net income of $115,000 in the first quarter.

Capital Bancorp’s $152.7 million-asset Commercial Capital Bank recorded a profit in every one of its full years of operations 2000-18. The bank recorded net income of about $3.2 million in both 2017 and 2018 while posting a first-quarter profit of $713,000 this year.

Since the First State deal was announced in the first quarter of 2018, the Louisiana lender’s equity capital grew from $17.3 million to $20.2 million as of March 31.