NEWS IN BRIEF

State’s NW sees 5.6% jobless rate for May

The unemployment rate in Northwest Arkansas was 5.6 percent in May, the same as in May of last year and the only metropolitan area in the state that didn’t experience a rise in unemployment, the U.S. Bureau of Labor Statistics said Tuesday.

Arkansas’ unemployment rate in May was 7.3 percent. The national unemployment rate was 7.6 percent in May.

Other state metropolitan area unemployment rates in May, compared with May last year were:

Little Rock, 6.6 percent, up from 6.5 percent.

Jonesboro, 6.9 percent, up from 6.7 percent.

Texarkana, 7.1 percent, up from 6.7 percent.

Hot Springs, 7.7 percent, up from 7.3 percent.

Fort Smith, 7.7 percent, up from 7.3 percent.

Pine Bluff, 9.6 percent, up from 8.9 percent.

  • David Smith

Bank of Ozarks unit opens NYC office

Bank of the Ozarks plans to open a loan-production office in New York City on Friday, the Little Rock-based bank said.

The office will be an extension of Bank of the Ozarks’ Dallas-based Real Estate Specialties Group.

Richard Smith, an executive vice president, will lead the New York office.

Bank of the Ozarks’ Real Estate Specialties Group opened in Dallas in 2003 and is focused on the origination and servicing of loans collateralized by commercial real estate in markets across the country. The group already has two satellite offices, in Atlanta and Austin, Texas.

On many of the group’s transactions, the equity dollars, subordinated debt or financing are from New York sources, Dan Thomas, president of the group, said in a prepared statement.

  • David Smith

Index gains 0.80; First Federal up 8%

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.80 to 278.89 Tuesday.

“Despite early strength, U.S. stocks fell on light volume during this abbreviated holiday trading week as investors turned cautious ahead of Friday’s key jobs report,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.

Nine stocks advanced and seven declined.

Thinly traded First Federal rose over 8 percent on above-average volume in response to Monday’s announcement that it is acquiring First National Security of Hot Springs, Williams said.

Home BancShares and Tyson Foods established 52-week highs while Windstream touched its 52-week low, Williams said.

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 07/03/2013

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