Arvest Bank to acquire Bear State Financial for $10.28 per share
Bear State Financial, parent company of Bear State Bank, and Arvest Bank jointly announced the signing of a definitive agreement for Arvest Bank to acquire Bear State in an all-cash transaction valued at approximately $391M, or $10.28 per share of Bear State common stock. The agreement and plan of reorganization was unanimously approved by the boards of directors of each company. The transaction is expected to close in Q4 or 1Q18 and is subject to customary conditions, including both regulatory approval and approval by Bear State's shareholders.Clients of Bear State Bank and Arvest Bank will not notice any immediate changes, and both banks will continue to conduct business as usual. At a later date, Bear State Bank's branding will change to Arvest Bank, with the full conversion of systems expected to occur in 2018.