Exhibit 23.3

                        [Ferguson & Company Letterhead]


                                 
                              October 30, 1997      



Board of Directors
Newport Federal Savings Bank
200 Olivia Drive
Newport, Arkansas  72112


Directors:

     We hereby consent to the use of our firm's name in the Form AC Application
for Conversion of Newport Federal Savings Bank, Newport, Arkansas, and any
amendments thereto, and in the Form SB-2 Registration Statement of North
Arkansas Bancshares, Inc. and any amendments thereto. We also hereby consent to
the inclusion of, summary of, and references to our Appraisal Report and our
opinion concerning subscription rights in such filings including the Prospectus
of North Arkansas Bancshares, Inc.


                                /s/ Robin L. Fussell
                                Robin L. Fussell
                                Principal