First Tennessee National Corp. of Memphis is selling its $330 million-asset First National Bank of Springdale in Arkansas to First Security Bancorp. of Searcy, Ark.
The deal, announced Wednesday, will help First Tennessee implement its plan to improve its long-term growth by streamlining itself to the point where it has only one bank unit, the $27 billion-asset First Tennessee Bank.
First Tennessee, which acquired First National in 1995 for $70 million, did not say how much it would get for the Arkansas bank.
The four-branch First National Bank of Springdale would become the fifth subsidiary of the $1.5 billion-asset First Security and would extend it into the northwest corner of Arkansas. The deal is expected to close in the fourth quarter.
