First Community Bank of Crawford County is being sold to Hampton, Ark.-based First Bank.
The deal is subject to regulatory approval from the Arkansas State Bank Department and the Federal Deposit Insurance Corporation. Upon approval, which is expected in first quarter 2014, First Community will merge into First Bank.
First Community Bank of Crawford County has two locations in Van Buren and one in Alma while First Bank has four locations in Camden, and one in Hampton, Junction City, Rogers and Siloam Springs, Ark.
First Community’s total assets as of Sept. 30, 2013 were $67 million, while First Bank’s were $257 million.
Terry Carson, president of First Community will become market president for Crawford County.
“Our bankers are looking forward to the opportunity of providing expanded financial services to our customers in Crawford and surrounding counties with the support of First Bank’s ownership and management team,” Carson said in the statement.
Phil Foster, president and CEO of First Bank said that the expansion into western Arkansas is a great opportunity for First Bank.