Union Bankshares Inc. of Mena announced Wednesday that its subsidiary, Union Bankshares, has entered into an agreement to buy all the outstanding common stock of First Paris Holding Co. of Little Rock and its subsidiary, First National Bank at Paris.
The bank holding companies did not disclose financial details of the deal. Union Bankshares is a $146 million bank holding company. First Paris Holding Co. is a $103 million bank holding company.
“We are excited about this opportunity to expand into Logan, Scott and Sebastian counties,” Philip Hensley, president and CEO of Union Bankshares, said in a news release. “We are confident that our philosophy of community banking will be well received in Paris and various other communities.”
Union Bankshares’ subsidiary bank, Union Bank of Mena, has three offices in Polk County. First Paris Holding Co.’s subsidiary, First National Bank at Paris, has three offices in Logan County, one in Scott County and is opening a branch in Sebastian County.
The deal, subject to regulatory approval, is set to close in the third quarter.
Sign up for Daily E-news
