Arvest Bank Group, Inc. and National Banking Corp., the holding company for North Little Rock-based National Bank of Arkansas, say they have entered into a “definitive agreement” for Arvest to own the bank.
NBC will 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 for an undisclosed sum.
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,” said 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.’”
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.