| North Arkansas Bancshares, Inc. | |||
| Ticker: | NARK | 200 Olivia Drive | |
| Exchange: | Over-the-Counter Market | Newport, AK 72112 | |
| Industry: | Financial (SIC Code 6035) | (870) 523-3611 | |
| Type of Shares: | Common Shares | Filing Date: | 9/19/97 | |
| U.S. Shares: | 370,000 | Offer Date: | 12/22/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 370,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $3,700,000 | Selling: | ||
| Expenses: | - | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Trident Securities, Inc. | Lead Manager | (919) 781-8900 |
| Issuer's Law Firm: | Housley Goldberg & Kantarian |
| Bank's Law Firm: | Silver, Freedman & Taff |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 6/30/97 | ||||
| Revenue: | $2.51 | Assets: | $34.38 | ||
| Net Income: | -$0.20 | Curr Assets: | |||
| EPS: | Liabilities: | $32.11 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $0.09 | Equity: | $2.27 | ||
| Cash Flow/Fin: | $1.90 | Cash: | $0.88 | ||
| Cash Flow/Inv: | -$2.27 | ||||
| Business Description |
| The company is the holding company for Newport Federal Savings Bank. The bank consists of attracting deposits from the general public and originating residential mortgage loans. The bank also offers various types of consumer and consumer loans. The Company was formed as a Tennessee corporation in September 1997 at our direction for the purpose of serving as our holding company after the Conversion. Prior to the Conversion, it has not engaged and is not expected to engage in any material operations. The Company has received the approval of the OTS to acquire control of us upon completion of the Conversion. Upon consummation of the Conversion, the only assets the Company is expected to own are the capital stock we will issue in the Conversion, a note receivable from our ESOP and any proceeds from the offering it retains. As a holding company, the Company will have greater flexibility than we would have to diversify its business activities through the formation of subsidiaries or through acquisition. The Company will be classified as a unitary savings and loan holding company after the Conversion and will be required to comply with OTS regulations and be subject to examination. |
| Competition |
| We compete for deposits with other insured financial institutions such as commercial banks, thrift institutions, credit unions, finance companies, and multi-state regional banks in our market area. We also compete for funds with insurance products sold by local agents and investment products such as mutual funds and other securities sold by local and regional brokers. Loan competition varies depending upon market conditions and comes from commercial banks, thrift institutions, credit unions and mortgage bankers, many of whom have greater resources than we have. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |