Arvest to Pay $38 Million For Two Oklahoma Banks

Arvest Bank Group Inc. has agreed to pay nearly $38 million in cash for the two new Oklahoma banks it plans to acquire, according to documents filed with the Federal Reserve Bank of St. Louis.

The Bentonville-based bank group expects to add AmeriBank Corp. of Shawnee, Okla., and United Oklahoma Bancshares Inc. of Del City, Okla., to its holdings once regulatory approval is given.

According to documents filed with the Fed, Arvest will pay $288 for each of the 100,000 outstanding shares of AmeriBank stock for a total of $28.8 million. AmeriBank’s stock is owned by the Don Bodard 1995 Revocable Trust and by D. Wesley Schubert. That purchase will give Arvest a 51 percent stake in United Oklahoma Bancshares.

Arvest plans to buy the remaining 49 percent of United Oklahoma’s outstanding stock at $18.57 a share, or $9.1 million. That stock is currently held by D. Wesley Schubert, George N. Cook Jr., and J. Michael Adcock.

Any dividends or distributions paid by United Oklahoma Bancshares and any AmeriBank indebtedness in excess of cash on hand at the time of closing will be subtracted from the $37.9 million purchase price.

The public comment period was scheduled to end Aug. 6 on the AmeriBank acquisition and on Aug. 7 for the United Oklahoma purchase.