Regions Financial Corp. and Arkansas Banking Co. of Jonesboro announced an agreement in principle to merge, subject to due diligence and to the signing of a definitive merger agreement.
Regions would exchange 2.85 shares of its stock for each share of Arkansas Banking. At current values, the deal would cost $64 million.
The merger is expected to be accounted for as a pooling and is expected to close during the fourth quarter.
Arkansas Banking has $343 million of assets. It would be the second acquisition in the state for Regions, which has 10 deals pending.