Bank of Trumann to sell holdings to Blytheville bank

Wednesday, December 12, 2001

It was announced Monday that the Board of Directors of the Bank of Trumann have executed a letter of intent to sell their bank to First Delta Bankshares, Inc. of Blytheville. The Trumann bank, which was founded in October 1911 and has continuously served the Trumann area since that date, is located on Arkansas 463 in Trumann. According to published reports, First Delta Bankshares is owned by the Jerry Sims family, which has ties to the Trumann area. Sims was born in Trumann and graduated from Trumann High School. Also, according to published reports, all of the issued and outstanding common stock of the Trumann bank will be purchased for an aggregate cash purchase price of $14.7 million, which is equal to $245 per share. According to bank President Rick Gillette, the Bank of Trumann will serve as a subsidiary of the First Delta Bankshares network and published reports say that the merger of the two companies will give the banking company almost $300 million in assets. Gillette told the Democrat Tuesday that the coupling of the two companies will bring a "more wider variety of services to the customers of the bank." Published reports on Tuesday have the merger letter of intent agreed to by the Bank of Trumann's Board of Directors contain several provisions, including one that calls for the keeping of current management and employees of the bank.

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