2 banks to combine

in state's northeast

Two Northeast Arkansas banks, Farmers Bank & Trust of Blytheville and Piggott State Bank, are consolidating operations under a shared charter.

The lenders plan to operate under the Farmers Bank & Trust charter by Dec. 31, they announced in a news release, pending regulatory approvals. Piggott State will become a division of Farmers.

"Operating under one charter will allow us to continue operating independently, with increased synergies of common operating systems," said Randy Scott, president and chief executive officer of Farmers. "Our combined strength will provide an even stronger foundation of financial strength and security to our customers and communities."

Banking systems are estimated to be fully converged in the second half of 2025 and allow customers to bank with both lenders seamlessly. The company will have 10 offices in Mississippi County and Clay County.

The banks are owned principally by Gaylon Lawrence Jr. and family, shared ownership that eases the transition.

-- Andrew Moreau

Walmart sells stake

in JD.com for $3.6B

Walmart Inc. has sold its stake in the Chinese e-commerce giant JD.com for $3.6 billion.

The Bentonville-based retailer sold 144.5 million of JD's American-listed shares at $24.95 a share, The Wall Street Journal reported Wednesday.

Walmart bought its stake in the company in 2016.

JD was a "valued partner" for eight years, Walmart said in a statement, "and we are committed to a continued commercial relationship with them."

Walmart didn't say what form that relationship might take.

"Our strategy in recent years has been consistent, to align our portfolio to have the best path to success in our markets," the company said.

"This decision allows us to focus on our strong China operations for Walmart China and Sam's Club, and deploy capital toward other priorities," Walmart said.

One of Walmart's key markets, China consistently ranks among the division's sales growth leaders. Walmart China reported net sales of $4.6 billion in the second quarter, up 17.7% over the previous year. China has 286 Supercenters and 48 Sam's Clubs as of July 31.

-- Serenah McKay

Day's gain of 2.25

lets index crack 900

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 900.64, up 2.25 points.

"Equities held gains in afternoon trading as minutes were released from the July FOMC meeting reflecting the willingness by Federal Reserve officials to consider rate cuts due to 'recent progress on inflation and increases in the unemployment rate,'" said Leon Lants, managing director at Stephens Inc.

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