Arvest Bank announced it completed the acquisition of Bear State Financial, the parent company of Bear State Bank on Friday. The purchase was a cash transaction valued at approximately $391 million. With the close of the deal, Arvest will have assets of approximately $18.76 billion.
As of December 31st, 2017, Bear State had assets of $2.16 billion, with $1.67 billion in loans and $1.5 billion in deposits, while Arvest had assets of $16.75 billion, with $10.44 billion in loans and $14.37 billion in deposits.
Arvest’s acquisition adds new communities its footprint in northeast Arkansas, southwest Arkansas, southern Missouri and southeast Oklahoma. Bear State also has banking locations in 18 communities already served by Arvest. With the close of the deal, Arvest now serves more than 135 communities in Arkansas, Kansas, Missouri and Oklahoma.
Arvest and Bear State are now legally one bank, but will continue to operate under separate names until later this fall, when Bear State branches, accounts, and operations will be transitioned to Arvest.
Bear State customers with questions should contact their local Bear State banker or Bear States solutions center at 866-242-3324.
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