Live Breaking News & Updates on Paragould Bankshare

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. ....

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