LITTLE ROCK, Ark. -- Curt Bradbury, chairman of Worthen Banking Corp., said operating efficiencies from its merger with Union of Arkansas Corp. this year should help Worthen top its 1992 net income per share.

Last year, the banks would have earned $2.04 a share if consolidated. Without the dilution of the Union merger, Worthen earned $2.54 a share in 1992.

Mr. Bradbury said in an interview that Worthen hopes to make further acquisitions in Arkansas, which recently raised the cap on an individual bank's share of the state's deposit market to 25% from 15%.

Texas a Target?

There also may be a move on Texas, he said, where Worthen has established a beachhead in Austin.

Mr. Bradbury said Worthen continues to cooperate with the Federal Reserve in an investigation of Worthen's ties to the Stephens family of Little Rock, whose stake in Worthen was diluted to 26.6% by the merger.

The investigation into links with Stephens investment banking interests may take a long time. Mr. Bradbury said.

At Worthen's annual meeting, shareholders approved increasing the number of authorized shares to 40 million from 20 million.

Shareholders also approved Winthrop Paul Rockefeller, Alex Dillard, and Herbert H. McAdams as directors, increasing the size of the board to 15.

The three were directors of Union of Arkansas.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.