Arvest Bank is set to buy the National Bank of Arkansas, according to a Wednesday afternoon news release.
Arvest has agreed to buy all of the issued and outstanding stock owned by National Banking Corp., the parent company for the North Little Rock-based National Bank of Arkansas, the release states.
Arvest will complete its acquisition of the National Bank of Arkansas at the close of the fourth fiscal quarter of 2013, and the two banks should be completely merged by the first quarter of the 2014 fiscal year.
“We are excited about National Bank of Arkansas becoming part of the Arvest Family,” John Womack, chairman and CEO of Arvest Bank, said in a statement. “This acquisition will certainly help improve our market share and visibility in Conway, Maumelle, North Little Rock, and West Little Rock. We are looking forward to getting acquainted with NBA’s associates and customers.”
For the time being, the release states, customers of both banks should continue their normal procedures when using their respective branches.
The National Bank of Arkansas has seven branches in Pulaski and Faulkner counties and operates with $186.8 million in assets, according to the release. The Fayetteville-based Arvest Bank currently has a total of 260 branches Arkansas, Oklahoma, Kansas and Missouri.
Read more about this story in Thursday's Arkansas Democrat-Gazette.