Seven months after its deal to sell itself to a Little Rock banking company fell through, Union Bancshares Inc. in Benton, Ark., has found another buyer.
First Security Bancorp in Searcy, Ark., said it is buying the $229 million-asset Union and its Union Bank. The price of the deal was not disclosed.
The acquisition would give the $2.2 billion-asset First Security six branches in two cities where it has none, Benton and Bryant.
First Security operates two banks, the $1.6 billion-asset First Security Bank in Searcy and the $337 million-asset First Security Bank of Conway. Union Bank would be separately chartered under the deal, which is expected to close in the third quarter.
Reynie Rutledge, First Security's chairman and chief executive, said in a May 1 press release, "We look for and continue to invest in well-managed banks that are strategically positioned to maintain their status as market leaders."
Union's deal with Centennial Bancshares Inc. in Little Rock was terminated Sept. 24. Centennial was sold to HomeBankshares Inc. in Conway, Ark., on Jan. 1.
