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An Arkansas bank holding company with roots back to the 1880s has signed a deal to buy Cumberland Bancshares, the owner of Hartsville-based Citizens Bank. Terms of First Paragould Bankshares’ deal for Cumberland aren’t being disclosed. Citizens has assets of about $290 million and runs offices in Gallatin and Hendersonville as well as Hartsville. Founded in 1905, it employs about 50 people and finished 2020 with a profit of $2.6 million, down from $3.1 million the year before. When completed — which is expected late this year — the purchase will grow First Paragould’s First National Bank subsidiary to 23 branches and $2.2 billion in assets. First National’s branch network today is concentrated in the Natural State’s Little Rock, Fayetteville and Jonesboro markets.

United statesSumner countyParagould bankshareCumberland bancsharesTodd austinWilliam brewerBrad weberFirst nationalCitizens bankFirst paragould national bankResource label groupHartsville based citizensFirst paragould bankshareFirst paragouldFirst national bankNatural state