First Arkansas Bancshares Inc. in Jacksonville has struck a deal to buy Greers Ferry Lake State Bank in Heber Springs, Ark.
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The sale price was not disclosed, and the purchase is expected to close in about 90 days.
The deal, announced Monday, would be First Arkansas' second in the Heber Springs market. In 2005, the $487 million-asset company bought the $233 million-asset First Team Bank.
The $63 million-asset Greers Ferry is a subsidiary of M&P Community Bancshares Inc. in Newport, Ark.
Jim Gowen, M&P's senior chairman and chief executive officer, said in a press release that it would use the deal's proceeds for expansion in other markets.
"This was an opportunity to sell a good bank to another good bank for a good return," he said.
