Newly formed holding company Big Creek Bancshares agreed to acquireForrest City, Ark.-based Forrest CityBank NA ($47.9 million) from ForrestCity Financial Corp., ArkansasBusiness reported Oct. 4.
The financial terms of the deal, which is slated for completion near the end of 2016,were not disclosed in the report.
SNL valuations for bank and thrift targets in the Southeast regionbetween Oct. 4, 2015, and Oct. 4, 2016, averaged 136.59% of book, 140.95% of tangiblebook and had a median of 19.54x last-12-months earnings, on an aggregate basis.
Dwight Rutland will keep his post as president of Forrest CityBank, which had equity capital of $4.7 million as of June 30, the report said. Thebank's name will be changed in the first quarter of 2017 but the new name has yetto be announced.
SNL data shows that Forrest City Bank operates two branches inSaint Francis County, ranked second with a 12.52% share of about $343.75 millionin total market deposits.
According to the news story, Mark Waldrip and his son Nathanformed Big Creek Bancshares in September, with the former serving as its chairman.