FAYETTEVILLE, Ark.,
Aug. 22, 2017 /PRNewswire/
-- Arvest Bank ("Arvest") announced today it has entered into
a definitive agreement to acquire Bear State Financial, Inc. ("Bear
State") (NASDAQ:BSF), the parent company of Bear State Bank. The
acquisition, expected to close in the fourth quarter of 2017 or
first quarter of 2018 pending customary regulatory approvals and
subject to approval by Bear State shareholders, is an all-cash
transaction valued at approximately $391
million.
Bear State Bank operates 42 branches and three personalized
technology centers in Arkansas,
Missouri and Oklahoma, while Arvest operates more than 250
branches in Arkansas, Kansas, Missouri and Oklahoma. As of June
30, 2017, Bear State had total assets of $2.24 billion and total deposits of $1.7 billion in 34 communities. As of
June 30, 2017, Arvest had total
assets of $17.30 billion and total
deposits of $14.98 billion in 120
communities.
"This is a strategic move for us and one made after much careful
consideration," Arvest president and CEO Kevin Sabin said. "In addition to giving us the
opportunity to expand into some new communities, this deal also
allows us to strengthen our presence in some existing markets.
"Because Bear State is such a solid company with dedicated
employees – and because both banks are so committed to their
communities – we believe this will be a great fit. From outstanding
products and services to superior customer service, Arvest shares a
lot of similarities to Bear State and we look forward to serving
all of our customers – old and new – with the same courtesy,
competency and care as we always have."
Of the 34 communities where Bear State operates, 18 are markets
where Arvest has banking operations while 16 markets will be new
communities for Arvest – most notably communities in northeast
Arkansas, southwest Arkansas, southern Missouri and southeast Oklahoma. Arvest
Bank and Bear State customers will not notice any immediate
changes, and both banks will continue to conduct business as usual.
A full conversion of systems and accounts will occur in 2018, and
Arvest Bank will be communicating
with Bear State customers over the next several months regarding
their transition to Arvest Bank.
Additionally, all those employed by Bear State on the date of
contract closing will become employees of Arvest Bank.
New communities Arvest looks forward to serving in Arkansas are: Ashdown, De
Queen, Dierks, Glenwood, Jonesboro, Manila, Monette, Mount
Ida, Nashville and
Waldron. Arvest will enter the
communities of Golden City,
Kimberling City, Lamar and Marshfield in Missouri, and Broken
Bow and Idabel in
Oklahoma.
About Arvest
Arvest Bank, named by
Forbes magazine as one of "America's Best Large Employers"
for 2017, operates more than 250 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 16 locally managed
markets, each with its own local board and management
team. These banks serve customers in more than 120
communities, with extended weekday banking hours at many
locations. Arvest also provides a wide range of banking
services including loans, deposits, treasury management, credit
cards, mortgage loans and mortgage servicing. Arvest is an
Equal Housing Lender and Member FDIC.
About Bear State Financial
Bear State common stock is traded on the NASDAQ Global Market
under the symbol "BSF." For more information on Bear State,
please visit www.bearstatefinancial.com. Its principal
subsidiary, Bear State Bank, is a community oriented financial
institution providing a broad line of financial products to
individuals and business customers. Bear State Bank operates
42 branches, three personalized technology centers equipped with
interactive teller machines and three loan production offices
throughout Arkansas, Southwest Missouri and Southeast Oklahoma.
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SOURCE Arvest Bank