Big Creek Bancshares Inc., parent company of Armor Bank of Forrest City, said Thursday that it will purchase Tyronza Bancshares Inc., parent company of First Delta Bank of Marked Tree.
Financial terms of the deal, which requires regulatory approvals and the approval of Tyronza Bancshares shareholders, were not disclosed.
Under the agreement, First Delta Bank will become a subsidiary bank of Big Creek Bancshares but operate as a separate bank until the first quarter of 2020. After that, First Delta Bank branches will become branches of Armor Bank.
The deal is expected to close in the second quarter.
“Armor Bank has taken great pride in serving eastern Arkansas customers for more than a century and we are delighted to welcome First Delta’s clients and its employees into the Armor family,” Chad May, Armor Bank’s president and CEO, said in a news release. “First Delta has a longstanding tradition of being a true community banking partner in the markets that they serve. The alignment of our core values of client service, along with our offerings of enhanced digital banking capabilities and strong client-focused banking team, will help us continue to serve and give back to the communities we operate in.”
May said no changes to customer accounts will made until next year.
Armor Bank had $90.5 million dollars in assets as of March 31. It has one full-service location and one drive-up location in Forrest City. In February, it opened its first full-service location in Little Rock.
First Delta Bank, established in 1951, had $59.6 million in assets as of March 31. The bank has three full-service locations in Marked Tree, Tyronza and Trumann.
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