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 Banksharesâ deal for Cumberland arenât 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 â which is expected late this year â the purchase will grow First Paragouldâs First National Bank subsidiary to 23 branches and $2.2 billion in assets. First Nationalâs branch network today is concentrated in the Natural Stateâs Little Rock, Fayetteville and Jonesboro markets.