First Bank Corp., Fort Smith, Ark., said it has a deal to buy Sebastian Bankshares, Barling, Ark., for an undisclosed price.

Sebastian is the parent of River Valley Bank and Trust, a $75 million- asset institution with four branches. First Bank, with $775 million of assets, owns two Arkansas banks and one in Oklahoma.

Samuel M. Sicard, chairman and chief executive officer of First Bank, called River Valley a "natural extension of our existing market." After the closing, which is expected in early 1999, River Valley would become a subsidiary of First Bank.

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