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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): October 3, 1996
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 August 30, 1996, First United Bancshares, Inc., El Dorado, Arkansas
("First United"), acquired all of the issued and outstanding common stock of
Carlisle Bancshares, Inc., Little Rock, Arkansas ("Carlisle"), pursuant to the
Restated Agreement and Plan of Reorganization, dated April 1, 1996
("Agreement"), whereby First United acquired 139,142 shares of common stock of
Carlisle in exchange for the issuance of 506,717 shares of First United common
stock and satisfied unexercised stock options of Carlisle common stock by
issuing an additional 1,383 shares of First United common stock. 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 $27.6865 resulting in an exchange ratio of 3.6418
shares of First United common stock for every one (1) share of Carlisle 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. 333-06185 as
amended and filed with the Securities and Exchange Commission ("SEC") on July
10, 1996, and which became effective July 12, 1996. Furthermore, additional
information regarding the consummation of the transaction can be found in the
current report on Form 8-K filed by First United on September 9, 1996.
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 Carlisle 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 constituent corporations. The following is a disclosure of
the summary financial data of the combined operations of Carlisle and First
United for the period ended September 30, 1996.
FIRST UNITED BANCSHARES, INC.
SUMMARY DATA
MONTH ENDED SEPTEMBER 30
<TABLE>
<CAPTION>
SEPTEMBER 30, 1996 SEPTEMBER 30, 1995
------------------ ------------------
<S> <C> <C>
(thousands)
Total Assets 1,519,945 1,314,275
Total Loans 717,818 621,063
Total Deposits 1,307,564 1,120,673
Total Equity 114,592 126,708
Net Interest Income 5,980 4,150
Net Income 1,585 1,355
</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: October 3, 1996
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