In $391M deal, Arvest bank buys Little Rock-based Bear State Financial

Fayetteville-based Arvest Bank has reached an agreement to buy Little Rock-based Bear State Financial in a deal worth more than $390 million, according to a joint news release from the two institutions.

Bear State Financial is the parent company of Bear State Bank, and those locations will eventually be rebranded as Arvest branches, the release said. That's not expected to be complete until some time next year.

"Clients of Bear State Bank and Arvest Bank will not notice any immediate changes, and both banks will continue to conduct business as usual," the release said.

The boards of both institutions unanimously approved the deal, which is expected to close by the end of this year or in the first quarter of 2018, according to the release.

The deal is valued at $10.28 per share of Bear State common stock, the release said, noting that is approximately $391 million.

Arvest has total assets exceeding $16 billion, which makes it "the largest bank in Arkansas in terms of deposit market share," according to its website.

Read Wednesday's Arkansas Democrat-Gazette for full details.

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