Jefferson Bancshares of Pine Bluff announced Tuesday a plan to buy out minority shareholders in its Hot Springs Bank & Trust and to merge the charter with that of its flagship institution, Relyance Bank of Pine Bluff. CEO Chuck Morgan said the purchase price - the equivalent of about $36.75 per share - represents 77.18 percent of the book value of the Hot Springs shares. Jefferson Bancshares already owns roughly 53 percent of Hot Springs Bank & Trust, with the remainder being held by 50 to 60 individual investors, he said.
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