Bear State Bank to be Acquired by Arvest Bank

Tuesday, August 22 at 02:30 PM
Category: Arvest News

Bear State Bank and Arvest Bank have exciting news to share today. An agreement has been signed where Arvest will acquire Bear State and come together as one customer-focused bank. The acquisition of Bear State Bank meets two strategic goals for Arvest – entry into attractive new markets for the bank, and an expansion of customer base and branches in existing Arvest markets. We’re excited to welcome Bear State Bank customers and associates to Arvest and look forward to working together in the future.

FAYETTEVILLE, Ark. (Aug. 22, 2017) – Arvest Bank (“Arvest”) announced today it has entered into a definitive agreement to acquire Bear State Financial, Inc. (“Bear State”) (NASDAQ:BSF), the parent company of Bear State Bank. The acquisition, expected to close in the fourth quarter of 2017 or first quarter of 2018 pending customary regulatory approvals and subject to approval by Bear State shareholders, is an all-cash transaction valued at approximately $391 million.

Bear State Bank operates 42 branches and three personalized technology centers in Arkansas, Missouri and Oklahoma, while Arvest operates more than 250 branches in Arkansas, Kansas, Missouri and Oklahoma. As of June 30, 2017, Bear State had total assets of $2.24 billion and total deposits of $1.7 billion in 34 communities. As of June 30, 2017, Arvest had total assets of $17.30 billion and total deposits of $14.98 billion in 120 communities.

“This is a strategic move for us and one made after much careful consideration,” Arvest president and CEO Kevin Sabin said. “In addition to giving us the opportunity to expand into some new communities, this deal also allows us to strengthen our presence in some existing markets.

“Because Bear State is such a solid company with dedicated employees – and because both banks are so committed to their communities – we believe this will be a great fit. From outstanding products and services to superior customer service, Arvest shares a lot of similarities to Bear State and we look forward to serving all of our customers – old and new – with the same courtesy, competency and care as we always have.”

Of the 34 communities where Bear State operates, 18 are markets where Arvest has banking operations while 16 markets will be new communities for Arvest – most notably communities in northeast Arkansas, southwest Arkansas, southern Missouri and southeast Oklahoma. Arvest Bank and Bear State customers will not notice any immediate changes, and both banks will continue to conduct business as usual. A full conversion of systems and accounts will occur in 2018, and Arvest Bank will be communicating with Bear State customers over the next several months regarding their transition to Arvest Bank.

Additionally, all those employed by Bear State on the date of contract closing will become employees of Arvest Bank.

New communities Arvest looks forward to serving in Arkansas are: Ashdown, De Queen, Dierks, Glenwood, Jonesboro, Manila, Monette, Mount Ida, Nashville and Waldron. Arvest will enter the communities of Golden City, Kimberling City, Lamar and Marshfield in Missouri, and Broken Bow and Idabel in Oklahoma. 

About Arvest 

Arvest Bank, named by Forbes magazine as one of “America’s Best Large Employers” for 2017, operates more than 250 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 16 locally managed markets, each with its own local board and management team. These banks serve customers in more than 120 communities, with extended weekday banking hours at many locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest is an Equal Housing Lender and Member FDIC.

About Bear State Financial

Bear State common stock is traded on the NASDAQ Global Market under the symbol “BSF.”  For more information on Bear State, please visit www.bearstatefinancial.com.  Its principal subsidiary, Bear State Bank, is a community oriented financial institution providing a broad line of financial products to individuals and business customers. Bear State Bank operates 42 branches, three personalized technology centers equipped with interactive teller machines and three loan production offices throughout Arkansas, Southwest Missouri and Southeast Oklahoma.

 
Tags: Arkansas, Associates, Community Support, Locations, Missouri, Oklahoma
 

Congratulations Barbara Christ of Greater Kansas City

Friday, August 04 at 12:00 PM
Category: Arvest Community News

Arvest in Greater Kansas City has yet another reason to be proud of their associates. The local sales manager, Barbara Christ, was named one of the NextGen Leaders by the Kansas City Business Journal.

The goal of the NextGen Leaders program is to pinpoint those in the Kansas City business and civic community who are beginning to wield their influence through leadership at their companies, on nonprofit boards or through other community involvement. The Kansas City Business Journal helps connect them with each other, current leaders in Kansas City and KCBJ readers.

Barbara has dedicated over 20 years to Arvest Bank and the financial industry (#BankOnHer). She is responsible for the delivery of retail and small business banking throughout the Kansas City region.

Barbara received a bachelor’s degree in education from Oral Roberts University in Tulsa, Okla. Before relocating to Kansas City in 2010, Barbara served as the program manager and curriculum developer for the Arvest training education and development department.

Barbara is very active in community organizations, holding a board position with Junior Achievement and volunteering her time with urban core outreach programs. She enjoys spending time with her family and trying to keep up with her two active teenage boys.
 
Congratulations, Barbara!
 
Tags: Associates, Community Support, Kansas City
 

Post Your Benton County Fair Pics for a Chance to Win

Friday, August 04 at 10:00 AM
Category: Arvest Community News

We always have a great time out at the Benton County Fair! Why not share the fun you’re having with your friends?!

We’re running a contest Aug. 8-9, 2017, so we can keep the good times rolling into the fair weekend.

Post a picture on Facebook and/or Instagram of yourself, family member or a friend at the Benton County Fair and tag it with #arvestfairfun for a chance to win an Arvest feed bucket with Arvest goodies and a couple of arm bands for rides and other fair fun on Friday, Aug. 11…all inside the bucket!

Two winners on Facebook and one winner on Instagram will win an Arvest feed bucket containing an Arvest “Life is Better with Cows Around” t-shirt, Under Armour hat, stainless steel coffee mug, water bottle, and two arm bands for Midway rides on Friday night! To be eligible to win, Facebook and Instagram posts need to be public when winners are selected on Aug. 10, 2017. Entrants are only eligible to win one of the three prizes.

Post as many times as you want! We’ll see you out at the fairgrounds.

Don’t forget! Arvest is sponsoring entry to the Benton County Fair for everyone on Wednesday, Aug. 9. Come out and have a great time; courtesy of your friends at Arvest.

For more information about what’s going on out at the Benton County Fair, visit www.bentoncountyfairar.org*.

Arvest associates and their immediate family members are not eligible to win. Immediate family is defined as any spouse, parent, child or sibling, along with any other family member living in the Arvest associate’s home.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

 

Tags: Arkansas, Arvest Benton County, Community Support
 

Community Advisory Board Created in Saline County, Ark.

Friday, July 21 at 11:00 AM
Category: Arvest Community News
Arvest Bank has announced the creation of a Saline County Advisory Board that was formed to broaden and enhance the bank’s support of the community.
 
The board consists of four members who will advise, support and serve as liaisons for the bank through relationships with local businesses and the community.
 
“We are fortunate in Saline County to have many distinguished professionals and entrepreneurs who work to help our communities thrive on a state and national level, and who are invested in helping this area of Arkansas continue to succeed,” said Phillip Partain, community bank president for Arvest Bank in Saline County. “We’re working in collaboration with these leaders to help ensure we’re making the best decisions, and pursuing the right opportunities, for our customers and for the future success of this area.”
 
Advisory board members will each serve a five-year term and include:
 
Grayling V. Hill, president of HilArk Industries in Benton, a manufacturer of heavy equipment for the construction industry. He also is the owner of HilBilt Sales Corp. – Arkansas. 
 
Hill has served on the Board of Trustees for the Arkansas Independent Colleges and Universities. He earned a bachelor’s degree in accounting and an MBA in management from the University of Arkansas at Little Rock. 
 
Hill, his wife Sharon, and their two children live in Bryant. He is a member of Family Church in Bryant.
 
Lamont Cornwell, Jr., executive director of the Saline County Economic Development Corporation. Cornwell was an executive in the gas utilities industry for 27 years, created a small business of his own and also served as a state representative for Saline County.
 
He is a charter member and former chairman of the Benton Public Utilities Commission, past chairman of the Benton Parks Commission, past president of the Benton Chamber of Commerce, past president of the Saline County Hospital Foundation and currently is involved in various state and national organizations that promote economic development in Arkansas.
 
Cornwell is a graduate of Ouachita Baptist University and a member of The Church at Rock Creek.
 
He and his wife, Billie, have four children and nine grandchildren. 
 
Mark Middleton, president of CommerceCorp International, a boutique international merchant banking firm. He is a managing partner of MidCorp Investments and principal of Middleton Inc., a diversified family holding company.
 
Middleton served as finance director for Bill Clinton’s presidential campaign and was appointed special assistant to President Clinton and deputy to the president’s chief of staff. He has worked closely with Fortune 500 companies regarding their involvement in international business. Following his government service, Middleton was involved in establishing the Clinton Presidential Library and the Clinton Birthplace Foundation.
 
He earned a BSBA in finance and banking from the University of Arkansas. A Rotary International Fellow, Middleton completed his post-graduate studies at the London School of Economics, then earned his law degree from the University of Arkansas, where he was a member of the Law Review.
 
He is a board member of the University of Arkansas for Medical Sciences Foundation Fund and the CHI St. Vincent Foundation, and is a member of Fifty for the Future. 
 
Middleton and his wife, Rhea, have two daughters. They are members of St. James United Methodist Church in Little Rock.

Don Rhoads, president of Fleming Electric in Bryant. 
 
Rhoads serves on the boards of the Arkansas chapter of the American Red Cross, Baptist Health and Arkansas Workforce, and is a member of Club 99 Rotary in Little Rock. He also is active in other industry organizations. 
 
Rhoads is a graduate of Arkansas State University, where he earned an associates degree in math and science. 
 
 
 
 

Tags: Community Support, Little Rock
 

Conversations from the Top Set for July 27 in Kansas City

Thursday, July 20 at 10:00 AM
Category: Arvest Community News

Holly Streeter-Schaefer, attorney at Burns & McDonnell, will speak at our fifth event of the Central Exchanges’ 2017 Conversations from the Top series, which is a moderated fireside chat with executive women in leadership in Kansas City.

Holly will share her insight from 11:45 a.m. to 1 p.m. on July 27, 2017, at the Central Exchange Downtown (1020 Central St., Kansas City, Mo.). Registration* is required.

In the Conversations from the Top series, you’ll hear inspirational stories from women who have faced challenging issues as they worked their way to the top of their respective fields. They will share insights about their journey and give you things to think about in how you can achieve your own goals. 

July’s speaker has a technical background as a construction engineer that preceded her experience as a practicing attorney specializing in construction law for more than 10 years. Prior to joining Burns & McDonnell, Holly was a shareholder at a major national law firm where she concentrated on design and construction-related contracts, risk management, insurance issues and litigation. She also spent several years working for a large, national construction company as corporate counsel.

Holly has extensive knowledge in preparing, analyzing and negotiating design and construction contracts, teaming and joint venture agreements, subcontracts and supplier agreements. She is also experienced in litigating claims involving construction defects, payment disputes, mechanic’s liens and insurance issues. She has considerable experience in the areas of construction project claims prevention and alternative dispute resolution.

Her passion for construction is not limited to legal issues. She is past president of National Association of Women in Construction Greater Kansas City, Missouri Chapter 100 and is the current Scholarship Foundation president for NAWIC Chapter 100. She is also a board member of Central Exchange, chairing CX’s WiSTEMM committee. She is currently the chair of the Code Board of Appeals for the City of Overland Park, Kansas and recently joined Overland Park’s Board of Zoning Appeals. She is also a member of the Civic Council of Greater Kansas City’s Kansas City Tomorrow Alumni program.

She received a bachelor’s degree in construction engineering, with distinction, from Iowa State University and a J.D. from the Drake University School of Law in Des Moines, Iowa.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Community Support, Kansas City
 

Kristin Patterson Inspires Campers – People Helping People Series

Friday, July 14 at 07:15 PM
Category: People Helping People

“My motivation is simple. It’s those kids and those smiles,” Kristin Patterson said.

As co-director of Camp Quality Ozarks, Kristin has one purpose: to let kids be kids, even when they have cancer.

“When you undergo cancer as a child, you grow up very fast. You are entered into the adult world whether you want to or not,” Kristin said. “You lose your hair, you may have scars, but here it doesn’t matter, you’re just a kid. You’re just like the others.”

And just like any kid, those who come to Camp Quality Ozarks want to spend their week having typical summer fun.

“We play basketball, soccer, we have fishing, swimming, yoga, CrossFit, and also a really awesome bike park that they get to play on,” Kristin said.

Bethany is one of the campers that knows Kristin. “Camp Quality is a lot like a home away from home. It really helps you to be like your inner self,” Bethany said. “So people aren’t judging you for what you do or who you’re acting like or whatever.”

Tabitha is another teen participating in Camp Quality. “It’s inspired me to be more of myself and get to know others a lot more. And not let what I’m scared of get in the way of what I know I should and can do,” Tabitha said. 

As a child, Kristin experienced the difficulties of cancer and understands what these kids are going through.

“This is my 20th year here at Camp Quality. Eight of those years was as a camper. I was diagnosed with AML leukemia at the age of 10, and went through treatment,” Kristin said. “My sister gave me a bone marrow transplant and I’m very blessed to still be here today.”

Tabitha said she’s able to relate to Kristin more because of their similar experiences. “After going through the same things, it’s a lot easier to bond with her.”

“Kristen is like the big sister I’ve never had,” Tabitha said. 

According to Bethany, she knows she can rely on Kristin for help. “If you just need … somebody to have a shoulder to cry on, she’s there,” Bethany said. “She might start crying with you, but she’ll definitely help with whatever you’re going through.”

It can be a challenging job, but it’s always rewarding, according to Kristin.

“It’s knowing that they’re getting to come here and enjoy themselves. Knowing that they’re making friendships that they can carry on. And also that they’re making friendships [with others who] they have something in common with and they’re able to talk to each other about it.”

“But to see those smiles and to see them playing and having fun is the biggest blessing that I could ever have,” Kristin said. 

Watch* Kristin in action. 

Kristin’s story is part of Arvest Bank’s People Helping People series featuring citizens giving back to their community. 

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arkansas, Associates, Charitable Giving, Community Support, Kansas, Missouri, Oklahoma, People Helping People

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