| 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 |
|
|
|
| |
| 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 |
| 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 ($000) |
NA |
|
| |
|
|
|
|
| Cash ($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 |
| Buyer |
No |
NA |
| |
| Seller |
Yes |
DD&F Consulting Group
Raymond James & Assoc. Inc. |
| Legal
Counsel |
| Buyer |
Yes |
Hilburn Calhoon Harper Prunisk
McAfee & Taft |
| |
| Seller |
Yes |
Kutak Rock LLP |
|
