MADISON BANK AND TRUST v. FIRST NAT. BANK, ETC.

No. 81-267.

635 S.W.2d 268 (1982)

MADISON BANK AND TRUST, et al., Appellants, v. FIRST NATIONAL BANK OF HUNTSVILLE, Arkansas, et al., Appellees.

Supreme Court of Arkansas.

June 28, 1982.


Attorney(s) appearing for the Case

Rose Law Firm by Vincent Foster, Jr., Little Rock and Howard Cain, Jr., Huntsville, for appellants.

Friday, Eldredge & Clark by Robert K. Walsh, Little Rock, for appellees.


HOLT, Justice.

In October, 1980, following approximately one year of negotiations, the appellants purchased substantially all the outstanding shares of the Bank of Kingston, a state bank, now named Madison Bank and Trust. The buyer under the agreement was James E. McDougal, Agent. The sellers, the Hargis family trust and members of the Bunch family, were also the majority shareholders in the only other bank in Madison County, the appellee First National Bank of Huntsville...

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