Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Arvest Bank Group, Inc. (Click for buyer financial information)
Target:  Bear State Financial, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 8/22/17   Announced Deal Value ($M) 391.3
Status Completed   Announced Deal Value Per Share ($) 10.28
Completion Date 4/20/18      
 
Deal Summary
Bentonville, Ark.-based Arvest Bank Group Inc. unit Fayetteville, Ark.-based Arvest Bank has acquired Little Rock, Ark.-based Bear State Financial Inc. Arvest Bank Group Inc. will expand in Arkansas by 33 branches to be ranked first with a 14.65% share of approximately $60.77 billion in total market deposits, will expand in Missouri by 11 branches to be ranked No. 16 with a 0.98% share of approximately $165.99 billion in total market deposits, will expand in Oklahoma by two branches to be ranked third with a 6.03% share of approximately $83.72 billion in total market deposits.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 158.54 153.36
Price / Tangible Book (%) 199.33 190.67
Price / LTM EPS (x) 18.04 18.36
Price / Deposits (%) 22.97 26.09
Price / Assets (%) 17.47 18.11
Tang Book Premium / Core Deposits (%) 14.40 14.62


Deal Terms

Description of Consideration
Arvest Bank Group Inc. paid $10.28 in cash for each of the outstanding share of Bear State Financial Inc. Bear State Bank also intended to pay a special dividend to Bear State Financial Inc.
Accounting Method NA   Lockup Agreement No
In-State Transaction? Yes   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Partial Overlap   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   390.1
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
 
Seller Yes DD&F Consulting Group
Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hilburn Calhoon Harper Prunisk
McAfee & Taft
 
Seller Yes Kutak Rock LLP

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