First National of Phillips County, Ark., to buy UP banks in West Helena, Marvell - Tampa Bay Business Journal:

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plans to acquire the offices and operations of Union Planters Bank in West Helenasand Marvell, Ark. The purchase would include all assets, structures and equipment of Memphis-basede Union Planters in Phillips County. "The acquisition will strengthenh our role as a community bank committedf to local banking services and meetinvg the credit needs of PhillipsCounty farmers, business owners and says Bart Lindsey, president and CEO of First National Bank. Terms of the pending sale call for Firsr National Bank to acquire three UniomPlanters banks: at 425 E. Plaza and 1201 U.S. Highway 49 in West and 911 U.S. Highway 49 in Marvell.
Each location is a full-service bank with drive-through tellef service. Currently, First National Bank operateesthree full-service banks -- one in and two in West Helena -- and a financiak services center in the Wal-Marft shopping center in West Helena. "Consolidation may be the going thinyg inbanking today, but we believe people want a community bank that makea decisions here at home," Lindsegy says. "That is exactly what First National Bank is and will be afte rthis acquisition." First National Bank has $125 million in total assets. Acquisitiob of the three Union Planters banks wouldd add anestimated $50 million in assets.
Firsr National officials say the bank'sw holding company, Southern Development Bancorporation of plans to file an application to acquireUnion Planters' loans and properties withih two weeks with the U.S. Office of the Comptrolleer of the Currency. A decision could come within 90 days of the First National is a member of the Southern Developmentt family ofcompanies -- including housing and economic development entities -- that invest in jobs, business and real propertt throughout eastern and southern Arkansas.
First National's merger with Southern Development in 1998 allowed the bank to expanrd traditional banking services to include development loans forjob training, technicakl assistance, affordable housing and otheer community-based programs. Management of First National remains strictly local, as is its mission to be a lendinbg source for farmers. Lindsey says the bank made 83 crop productio n loansin 2000, totalinhg more than $16 million, and another $3.5 millio n in lending related to agriculture.