Cross County Bank in Wynne, Ark., has agreed to buy three Arkansas branches from SouthBank in Huntsville, Ala.
The $210 million-asset Cross County did not disclose the financial terms. The acquisition is expected to close by mid-fall.
The $110 million-asset SouthBank will sell branches in Blytheville, Manila and Osceola, giving Cross County its first presence in Mississippi County in northeastern Arkansas. The SouthBank branches will be operated under the brand First Commercial Bank, Cross County's trade name for offices outside its home county.
Cross County would hold about $250 million in total assets and operate nine branches when the deal closes. Cross County does not have immediate plans for further deals, although it is open to opportunities, President David Dowd said in an interview.
SouthBank would exit Arkansas with the branch sale. It will continue to own four branches in Alabama.