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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 9, 1994
FIRST UNITED BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
ARKANSAS 0-11916 71-0538646
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
Number)
MAIN AND WASHINGTON STREETS, EL DORADO, ARKANSAS 71730
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (501) 863-3181
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ITEM 5. OTHER EVENTS.
On June 14, 1994, First United Bancshares, Inc., El Dorado, Arkansas
("First United"), acquired all of the issued and outstanding common stock of
InvestArk Bankshares, Inc., Stuttgart, Arkansas ("InvestArk"), pursuant to an
Agreement and Plan of Reorganization, dated December 17, 1993 ("Agreement"),
whereby First United acquired 215,960 shares of common stock of InvestArk in
exchange for the issuance of 885,523 shares of First United common stock plus
cash payment for fractional shares. The average price of First United common
stock was defined, pursuant to the Agreement, as the average sales price per
share for all trades occurring during the period of ten (10) trading days on
which one or more trades actually takes place and which ends immediately prior
to the second trading day preceding the closing date. The average price was
$29.90 resulting in an exchange ratio of 4.1007 shares of First United common
stock for every one (1) share of InvestArk common stock. The method of
calculating the above described average sales price and exchange ratio are
fully described in First United's Form S-4 Registration Statement under the
Securities Act of 1933, Registration No. 33-52341 as filed with the Securities
and Exchange Commission ("SEC") on May 4, 1994, and which became effective May
6, 1994 ("Registration Statement"). Furthermore, information regarding the
consumation of the transaction and disclosure of certain historical and pro
forma financial data can be found in the current report on Form 8-K filed by
First United on June 16, 1994 and the amendment thereto filed under cover of
Form 8-K/A on August 16, 1994.
The transaction was accounted for using the pooling of interest method
and therefore certain trading restrictions were placed on the shares of common
stock of First United held by affiliates of InvestArk and First United received
pursuant to the Agreement, said restrictions to be in place until the
publication of certain financial data regarding 30 day post-merger combined
operations of the constitient corporations. The following is a disclosure of
the summary financial data of the combined operations of InvestArk and First
United for the period ended July 31, 1994.
FIRST UNITED BANCSHARES, INC.
SUMMARY DATA
MONTH ENDED JULY 31
<TABLE>
<CAPTION>
JULY 31, 1994 JULY 31, 1993
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(thousands)
<S> <C> <C>
Total Assets $1,116,743 $1,077,812
Total Loans 506,702 458,868
Total Deposits 959,397 921,763
Total Equity 111,233 105,145
Net Interest Income 3,594 3,503
Net Income 1,217 1,157
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST UNITED BANCSHARES, INC.
(REGISTRANT)
By /s/ John E. Burns
John E. Burns, Vice President and
Chief Financial Officer
Date: September 9, 1994
