NEWS IN BRIEF

Evolve Bank hires expansion overseer

John Freeman, former president of Liberty Bank of Arkansas, has been hired as chief executive officer of the Arkansas operations of Memphis-based Evolve Bank & Trust.

Freeman, who was paid $1.88 million in severance when he left Liberty Bank in October, also will serve as chairman of Evolve Bank & Trust’s Arkansas Advisory Board. He will work from the bank’s office in downtown Jonesboro.

“We had been looking for someone to help take Evolve to the next level in the state of Arkansas, and John is just the man to do it,” Joe Jenkins, director of Evolve Bank & Trust, said in a statement.

Evolve Bank has Arkansas offices in West Memphis, Jonesboro, Wynne, Marion and Parkin.

Home BancShares of Conway closed on its purchase of Liberty Bancshares in October.

  • David Smith

LR to hold hearing on I-30 upgrade plan

The Little Rock Board of Directors voted Tuesday to set a public hearing date for Dec. 17 about a plan for infrastructure improvements around the newly opened Bass Pro Shops off Interstate 30.

The opening of Bass Pro Shops on Nov. 13 caused a traffic jam at the intersection of Interstate 430 and I-30.

The store and the area that would encompass a proposed 325,000-squarefoot outlet mall are part of a tax increment financing district approved by Little Rock in 2003. The district diverts an increase in property taxes within the development’s boundaries to pay for the cost of infrastructure upgrades.

Tommy Hodges, owner of the property, has said he anticipates about $2 million in revenue from the TIF collections will pay for a main road into the 177-acre site. Other improvements also will be included in the plan presented to the board at 6 p.m. Dec. 17, including possible improvements to the access roads.

The developer of the proposed outlet mall is to go before the Little Rock Planning Commission in January to discuss the plans for the 80-store development.

  • Claudia Lauer

State index up 0.69; Tyson records high

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.69 to 329.42 Tuesday.

The index hit another all-time high of 330.81 during the day.

Despite broad market softness, Tyson Foods established a 52-week high of $32.99 before closing up 2.8 percent at $32.84.

USA Truck finished nearly 3.5 percent lower, closing at $13.97 but above its intraday low of $13.70.

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 25 on 12/04/2013

Upcoming Events