Arvest Signs Agreement to Buy National Banking Corp

Wednesday, October 02 at 03:00 PM
Category: Arvest News

National Banking Corp has entered into a Definitive Agreement to sell 100% of its issued and outstanding stock to Arvest. The sale is anticipated to close in the 4th quarter of 2013, pending all required regulatory and shareholder approvals.

LITTLE ROCK, Ark. — Officials of National Banking Corp (“NBC”) and Arvest Bank Group, Inc. (“Arvest”) announced today that NBC has entered into a Definitive Agreement to sell 100% of the issued and outstanding stock, or 93,843 shares, of NBC to Arvest Holding Company, Inc., a subsidiary of Arvest Bank Group, Inc. (“Arvest”). NBC is the parent holding company for National Bank of Arkansas (“NBA”) based in North Little Rock. The sale is anticipated to close in the 4th quarter of 2013, pending all required regulatory and shareholder approvals.  Arvest will be filing applications with the Arkansas State Bank Department and the Federal Reserve Bank of St. Louis for approval to purchase NBC, and merge NBA into Arvest Bank. 

“We are excited about National Bank of Arkansas becoming part of the Arvest Family,” said John Womack, Chairman and CEO of Arvest Bank in Little Rock.  “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.”  If approved, the merger of NBA branch locations and customer accounts into Arvest should occur in late 4th quarter 2013 or 1st quarter 2014. 

“Making the decision to sell was difficult, but knowing that the new owner will take good care of our NBA customers has made it easier,” stated Bob Osborne, majority shareholder and Chairman of the Board of National Banking Corp.   “I believe that right now is the right time to sell NBA and Arvest Bank is the right acquirer.” 

“With the planned merger of NBA into the Arvest organization, our customers will have greater banking convenience, not only in central Arkansas, but throughout the state as well,” Osborne continued.   “I want to take this opportunity to thank our NBA customers and employees for their years of loyalty to National Bank Arkansas, ‘The Little Bank with the Big Heart.’” 

NBA customers should continue to conduct their banking business at NBA locations as they have in the past until they receive more information from Arvest with details about the transition.  Arvest customers will be unable to bank at current NBA locations until the transition is complete. 

National Bank of Arkansas, founded in 1981 and headquartered in North Little Rock is a locally owned and operated bank with approximately $186.8 million in assets.  The bank has seven offices located in Pulaski and Faulkner Counties.

Tags: Arkansas, Arvest Growth, Little Rock, Press Release
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