Arvest Plans National Banking Corp. Buyout
by October 2, 2013 2:10 pm 140 views
National Banking Corp. has signed an agreement to sell 100 percent of its stock to Arvest Holding Company, a subsidiary of Arvest Bank Group of Fayetteville, according to a news release issued Wednesday.
NBC is the parent holding company for National Bank of Arkansas, based in North Little Rock.
“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. “It fits well within our footprint, and [National Bank of Arkansas] has some great locations.
“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.”
Arvest and National Bank of Arkansas are anticipated to merge either in the fourth quarter of 2013 or the first quarter or 2014. The deal is pending approval from shareholders, the Arkansas State Bank Department and the Federal Reserve.
The length of the government shutdown might play a factor in the time frame of the deal, Womack said.
Until the sale is closed, Arvest customers should continue using their current locations, as should National Bank of Arkansas customers, according to the release.
National Bank of Arkansas, founded in 1981, is a locally owned and operated bank with approximately $186.8 million in assets, according to the press release.
About 94,000 shares, both issued and outstanding, comprise the stock.
“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,” Bob Osborne, majority shareholder and chairman of the board of National Banking Corp., said in the release. “I believe that right now is the right time to sell NBA and Arvest Bank is the right acquirer.”