NEWS IN BRIEF

— Financial aid promised to plant in Fort Smith

FORT SMITH - Arkansas economic development officials have promised $681,251 in financial assistance to expand a manufacturing plant at Fort Smith’s Chaffee Crossing to bring firearms manufacturer Walther Arms Inc. to the city, state officials said Friday.

The building is already occupied by Umarex USA, a maker of air guns, paintball products and airsoft guns. The two firearms companies are owned by Germany-based PW Group.

The money, from the Governor’s Quick Action Closing Fund, will go toward building construction, an access road and more parking, Arkansas Economic Development Commission spokesman Joe Holmes said.

Walther Arms said Thursday that it would locate at the Umarex plant in Fort Smith, bringing as much as a $7 million in plant expansion construction and hiring up to 120 new workers.

Walther Arms, which will oversee the German firearms manufacturer’s U.S. operation, will be eligible for two more state-assistance programs, which offer an income-tax credit and sales-tax refunds based on how many jobs a company creates.

  • Lisa Hammesly

First Federal Bank names new president

Christopher Wewers has been promoted to president of First Federal Bank and its holding company, First Federal Bancshares, the Harrison-based financial institution said Thursday in a filing with the U.S. Securities and Exchange Commission.

Wewers has served as executive vice president and chief operating officer of the holding company and bank since May 2011.

Dabbs Cavin, who is serving in multiple positions with the bank and holding company, including president, will remain as chief executive officer and vice chairman.

First Federal Bancshares was acquired by Little Rock-based Bear State Holdings last year.

  • David SmithArkansas Index falls

0.36 to end 246.10

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.36 to 246.10 Friday.

Thirteen stocks declined and three advanced.

USA Truck rose 6.4 percent on almost four times its normal volume.

Arkansas Best dropped 3.2 percent in heavy trading.

For the week, 10 stocks gained ground and six dropped.

Arkansas Best was up 10.1 percent for the week.

Murphy Oil lost 2.9 percent for the week.

Volume for the index Friday was 22.9 million shares, compared with average daily volume of 29.6 million shares.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business, Pages 29 on 12/01/2012

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