The proposed sale of Wynne’s First National Bank to First Financial Bank of El Dorado represents a $60.2 million cash transaction.
The addition of the $327 million-asset lender will advance First Financial into east Arkansas and add four new Arkansas counties to its footprint.
In Cross County, First National holds a leading 40.19% of the $365 million-deposit market, followed by Wynne’s Cross County Bank at 39.63%.
In Woodruff County, First National holds the second-largest stake, 39.28% of the $153 million-deposit market. That is sandwiched between Augusta’s Riverwind Bank at 46.17% and Newport’s Merchants & Planters Bank at 14.55%.
In Poinsett County, First National holds 18.9% of the $327 million-deposit market. Leading competitors include Arkadelphia’s Southern Bancorp Bank at 25.31% and Marked Tree’s First Delta Bank at 15.33%.
In St. Francis County, First National holds the smallest piece of the $670 million-deposit market at 6.8%.
The balance is divided among Forrest City’s First National Bank of Eastern Arkansas, 67.96%; Forrest City’s Armor Bank, 17.79%; and Regions Bank of Birmingham, Alabama, 7.45%.
The 2006 purchase of $68.3 million-asset Bank of Harrisburg provided the gateway to enter Poinsett County for First National, owned by First National Corp. of Wynne.
First National moved into Woodruff County via the 2017 acquisition of the $79 million-asset Bank of McCrory.
The First National purchase, expected to close in the fourth quarter, will push total assets at First Financial to nearly $1.4 billion.
Pending Paydays
The five biggest blocks of First National Corp. stock total more than 29%. The shares are owned by:
- Jeff Gilbrech, Heber Springs, 6.87% worth $4.1 million.
- Kevin Brown, Washington, D.C., 6.03% worth $3.6 million.
- C.B. and Clara Moery Jr., Wynne, 5.61% worth nearly $3.4 million.
- W.D. Stewart Jr., Wynne, 5.55% worth more than $3.3 million.
- Byron Brown, Tallahassee, Florida, 5.06% worth $3 million.
First National Bank, Wynne
Total Assets: $327 million
Net Income: $2.4 million
Staff: 80
Full-Service Locations: Wynne and Harrisburg, 2; and one each in Cherry Valley, Forrest City and McCrory.
(As of June 30, 2019)
| Total Assets | Net Income | Dividends | Efficiency Ratio | |
| 2018 | $335,716 | $4,286 | $3,000 | 59.86 |
| 2017 | $346,647 | $2,759 | $3,000 | 65.90 |
| 2016 | $282,034 | $2,900 | $5,000 | 63.80 |
| 2015 | $290,916 | $2,878 | $2,600 | 68.87 |
| 2014 | $272,221 | $2,252 | $0 | 70.80 |
| 2013 | $275,105 | $2,592 | $4,400 | 66.22 |
| 2012 | $289,492 | $2,514 | $2,400 | 64.09 |
| 2011 | $259,791 | $1,774 | $0 | 70.02 |
| 2010 | $261,633 | $193 | $2,000 | 70.32 |
