LITTLE ROCK, Ark. - First Commercial Bank said it had acquired the failed First Exchange Bank of Little Rock from the Federal Deposit Insurance Corp.
The buyer, owned by First Commercial Corp., said the purchase agreement involved a premium of $1.2 million for about $23.7 million in insured deposits. The deal also brought the First Exchange Bank building and $5.4 million in loans.
Of the loans, $4.8 million may be returned to the FDIC within 30 days. The remaining $600,000 are secured by certificates of deposit or savings accounts.