Community First Sale Provides Payday

An artist's rendering of new home of Community First Trust Co. is shown at the location's construction site in Hot Springs.

The $6 million sale of Community First Trust Co. to Farmers Bank & Trust of Magnolia (see Community First Trust Attracts $6M Buyer) was divided among more than two dozen shareholders. The three largest blocks of ownership in the Hot Springs enterprise amount to about 84% of its outstanding shares.

William Kerst Jr., founder, president and CEO of Community First, held the biggest stake. His 73.5% was worth $4.4 million.

Completing the big three were the Judy C. Gray IRA of Hot Springs, nearly 5.8% worth $347,697; and Gerald and Phyllis Burgener of Hot Springs, 4.6% worth $277,980.

Also enjoying a payday from the June 30 sale was Leslie Ballentine, Kerst’s wife and chief financial officer of Community First.

Her 1.3% ownership position is worth $78,827.