DeWitt Bank Transaction Tops $10.2M

The pending acquisition of DBT Financial Corp. presents a nearly $10.3 million transaction backed by a healthy dose of stock and some cash.

Mountain View’s Stone Bancshares Inc. is trading about $8.3 million worth of stock and paying almost $2 million for the holding company of DeWitt Bank & Trust.

The $97.3 million-asset lender had equity capital of nearly $18.5 million as of March 31. An unspecified amount of excess tangible capital will be paid to stockholders before the transaction closes by late September.

Breaking out the prospective paydays for seven of the largest ownership blocks in DBT Financial looks something like this:

• Rebecca Ferguson Ehrlicher of Memphis and her namesake trust, $2 million worth of stock and $476,399.
• Lyn Pryor Crawford, Lesley Pryor Mosby and Shapard Pryor Jr., all of Jackson, Mississippi, 727,455 worth of stock and $170,846 each.
• Becca Rasco Mehlin Little Rock and her namesake S corporation, $1 million worth of stock and $245,348.
• Kent Rasco Magee of Chattanooga and her namesake S corporation, $1 million worth of stock and $241,932.
• David Jessup trusts, $643,353 worth of stock and $150,910.

DeWitt Bank & Trust holds 15.25% of deposits in Arkansas County. Its $77 million is the smallest slice among four banks in the $507 million-deposit market.

The competitive field includes Farmers & Merchants Bank of Stuttgart, 45.36% totaling about $230 million; Arkansas County Bank of DeWitt, 20.98% totaling about $106 million; and BancorpSouth Bank of Tupelo, Mississippi, 18.41% totaling about $93 million.

DeWitt Bank & Trust

Total Assets: $97.3 million
Net Income: $539,000
Staff: 18
Two full-service locations: DeWitt and Gillett (As of March 31, 2019)

Source: Federal Deposit Insurance Corp. Dollars in thousands except where noted.