Newspaper article THE JOURNAL RECORD

Merger Would Create Arkansas's Largest Bank Company

Newspaper article THE JOURNAL RECORD

Merger Would Create Arkansas's Largest Bank Company

Article excerpt

Merger Would Create Arkansas's Largest Bank Company

LITTLE ROCK _ The merger of First Commercial Corp. and State First Financial Corp. of Texarkana would create largest banking holding company in Arkansas. Officials of the two corporations announced the merger agreement Tuesday. With $4.2 billion in assets, the new company would supplant Worthen Banking Corp. of Little Rock, with $3.5 billion in assets, as the financial front-runner. The boards of both institutions have approved a $110 million stock swap to complete the merger. The deal is subject to approval by bank regulators. When pending transactions are completed, the State First merger will bring First Commercial's holdings to 23 banks _ 14 in Arkansas, six in Texas, two in Tennessee and one in Oklahoma. Dilbeck Gets Denver Tourism Post

ATLANTIC CITY, N.J. _ Eugene Dilbeck, the director of the New Jersey Division of Travel and Tourism, has been hired to run a private, non-profit tourism organization in Denver. Before heading the New Jersey tourism division, Dilbeck held the same positions in Texas and Oklahoma.

Dilbeck, in Atlantic City on Tuesday for this week's National Tour Association convention, said his new job as president and chief executive officer of the Denver Metro Convention and Visitors Bureau begins Jan. 1. Dilbeck of Lawrenceville was appointed to his New Jersey post in June 1990 by Gov. Jim Florio.

Dilbeck said his decision to leave the state has nothing to do with Florio's defeat this month to Republican Christie Whitman but rather his desire to leave government work. "It's coincidental. I applied in August," Dilbeck said. "I'm tired of the continued fight for funding and bureaucratic problems. "It's time. I've spent 16 years fighting bureaucracy." Volkswagen Baffles Analysts With Profit

WOLFSBURG, Germany _ In a dramatic turnaround that astounded analysts, the struggling Volkswagen group on Wednesday announced a third quarter profit of 70 million marks, or $41 million. …

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