LITTLE ROCK, Ark. -- First Commercial Corp. said it completed a definitive agreement to acquire First City Inc., parent of First City National Bank of Memphis, for $6.1 million in stock.

Arkansas-based First Commercial said it has agreed to exchange 212,517 of its common shares for all outstanding shares of First City, which has assets of $39.6 million, deposits of $34.6 million, and equity capital of $4.6 million.

First City, which has a single office in Memphis, would merge into First Commercial Bank of Memphis, an affiliate of First Commercial that has four branches and assets of $106.9 million.

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