Arvest Bank Bidding for MNB

by Talk Business & Politics ([email protected]) 79 views 

Arvest Bank of Fayetteville has emerged as a bidder for Metropolitan National Bank of Little Rock, according to a report from Arkansas Business.

Simmons First National Corp. of Pine Bluff has also come forward as a bidder, according to legal notices and documents filed this week.

Arvest’s intent to bid was disclosed in a legal notice placed in the September 5 edition of the Arkansas Democrat-Gazette, according to the report.

MNB is being offered for sale through the bankruptcy of its holding company, Rogers Bancshares Inc. The auction, the first of its kind in Arkansas banking history, starts at 9 a.m. Monday.

Simmons, Arvest and any other bidders will compete for Metropolitan against Ford Financial Fund II, a $750 million investment fund out of Dallas led by Gerald J. Ford and Carl B. Webb, which has offered $16 million for 100 percent of the bank’s stock.

Ford made its offer in July.