Rock Bancshares Inc., a newly formed Little Rock bank holding company, said Wednesday it has agreed to acquire HCB Bancshares Inc. in Camden, Ark., for $27 million in cash.
HCB, a thrift holding company with $240 million of assets, said last month that it had a deal to sell itself to an unnamed investor group.
The deal is expected to close by Aug. 31. HCB shareholders would receive $18.63 a share, a 2.9% premium over the stock's closing price Tuesday. If the deal closes before June 3, the price would fall to $18.61 per share.
HCB is the parent of the 70-year-old Heartland Community Bank. Like many small thrifts, it have been hit hard by a slowdown in mortgage lending. Net income through the first nine months of last year fell 74% from the same period a year earlier, to $352,000.
