Arkansas' Arvest Bank to purchase Arkansas' Bear State Bank
Aug. 22, 2017
FAYETTEVILLE, Ark. (AP) — Arkansas-based Arvest Bank has announced plans to acquire fellow Arkansas-based Bear State Financial, Inc., the parent company of Bear State Bank, in an estimated $391 million transaction.
The purchase announced Tuesday is expected to be finalized during the fourth quarter of 2017 or first quarter of 2018, pending approval by regulatory agencies.
Arvest has more than 250 banks in Arkansas, Kansas, Missouri and Oklahoma with reported assets of $17.3 billion and total deposits of nearly $15 billion as of June 30.
Bear State has banks and personalized technology centers in Arkansas, Missouri and Oklahoma with reported assets of $2.24 billion and deposits of $1.7 billion.
The companies say both banks will continue operating as usual and a full conversion of banking systems and customer accounts will take place next year.