Exhibit 4


                                 COMMON STOCK
NUMBER _____                                                       _____ SHARES

                        NORTH ARKANSAS BANCSHARES, INC.
                               NEWPORT, ARKANSAS


This certifies that


is the owner of


fully paid and non-assessable shares of common stock, par value $0.01 per share,
                                      of


North Arkansas Bancshares, Inc. (the "Corporation"), a Tennessee corporation.
The shares represented by this certificate are transferable only on the stock
transfer books of the Corporation by the holder of record hereof, or by his duly
authorized attorney or legal representative upon the surrender of this
certificate properly endorsed.  This certificate is not valid until
countersigned and registered by the Corporation's transfer agent and registrar.


IN WITNESS WHEREOF, the Corporation has caused this 
signature of its duly authorized officers and has 
be hereunto affixed.



- -----------------------------------
Pam Decker 
Secretary


this certificate to be executed by the facsimile 
     caused a facsimile of its corporate seal to




- -----------------------------------
Brad Snider
President


Countersigned and Registered:
                                            (SEAL)

      -------------------------------
      Transfer Agent and Registrar

BY:   
      -------------------------------
      Authorized Signature

               SEE REVERSE FOR CERTAIN RESTRICTIONS ON TRANSFER

 
                     FORM OF STOCK CERTIFICATE - BACK SIDE

     The shares represented by this certificate are issued subject to all the
provisions of the Charter and Bylaws of the Corporation as from time to time
amended (copies of which are on file at the principal executive office of the
Corporation), to all of which the holder by acceptance hereof assents.

     The Corporation will furnish without charge to each stockholder who so
requests, the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof, and
the qualifications, limitations or restrictions of such preferences and/or
rights. Such request may be made in writing to the Secretary of the Corporation.

     The Corporation's Charter includes a provision which prohibits any person
from directly or indirectly acquiring the beneficial ownership of more than 10%
of any class of equity security of the Corporation, unless such offer or
acquisition shall have been approved in advance by a two-thirds vote of the
Continuing Directors of the Corporation, as defined in Article XV of the
Charter. This provision does not apply to the purchase of shares by underwriters
in connection with a public offering, the granting of proxies to certain
directors of the Corporation by stockholders of the Corporation or the
acquisition of shares by an employee benefit plan of the Corporation or a
subsidiary. Such provision eliminates the voting rights of securities acquired
in violation of the provision. Such provision will expire five years from the
date of completion of the conversion of Newport Federal Savings Bank, Newport,
Arkansas (the "Bank") from mutual to stock form. The Charter also imposes
certain restrictions on the voting rights of beneficial owners of more than 10%
of any class of equity security of the Corporation after five years from the
date of completion of the conversion of the Bank from mutual to stock form.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations.

TEN COM -  as tenants in common

TEN ENT -  as tenants by the entireties

JT TEN  -  as joint tenants with right of survivorship and not as tenants in
common

UNIF TRANSFER MIN ACT - ...Custodian...under Uniform Transfers to Minors Act....
                                   (Cust)    (Minor)                     (State)

    Additional abbreviations may also be used though not in the above list.

NOTE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME OF THE
STOCKHOLDER(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

     For value received, _________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

- -----------------------------------
/                                  /
- ----------------------------------- 


- -------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

- -------------------------------------------------------
                                                       Shares
- -------------------------------------------------------       

of the common stock evidenced by this certificate, and do hereby irrevocably
constitute and appoint __________________________________, Attorney, to transfer
the said shares on the books of the Corporation, with full power of
substitution.

Dated 
     ---------------------
                                            -------------------------
                                            Signature

                                                           
                                            -------------------------
                                            Signature

In presence of: 
               ---------------------------