Bear State Names New CEO, Completes Acquisition Of Missouri Bank
by October 1, 2015 1:27 pm 201 views
Bear State Financial Inc. on Thursday announced the appointment of Mark McFatridge as CEO of the Arkansas banking concern, also reserving a spot for the Missouri banking executive on the publicly-traded financial group’s board of directors.
At the same time, Bear State Financial, parent company of Bear State Bank, also announced the completion of the acquisition of Metropolitan National Bank in Springfield, Mo., where McFatridge previously served as the former chief executive officer. He will be joined on the Bear State board by fellow Metropolitan director John Ghirardelli, who served as a director and member of the audit committee of Springfield bank since 2013.
“As Bear State opens this new chapter, the Bear State Board and I are confident Mark has the right blend of regional and community banking experience to lead our company forward,” said Bear State Chairman Richard Massey. “He has the proven ability to create strategic clarity, drive innovation and growth, and ensure disciplined execution to deliver results. We believe his depth of banking experience as well as his passion for leading high performing teams will drive growth throughout the Bear State pawprint.”
Added McFatridge: “I am honored to play a role leading Bear State into the future. I am committed to empowering this talented team to realize its full potential, drive change and strengthen the Bear State brand. I am excited to get to build upon the foundations already laid and continue to focus on providing an excellent experience for our customers and team members.”
Under the terms of the deal to bring the Missouri bank into Bear State’s fast-growing portfolio, the Little Rock bank acquired 100% of Metropolitan’s stock. In exchange, shareholders of Marshfield Investment Company, the parent company of Metropolitan National Bank, received proceeds of approximately $70 million in stock and cash.
Bear State said it anticipates the transaction to be immediately accretive to its book value per common share, tangible book value per common share and earnings per common share. As of June 30, 2015, Metropolitan National Bank had nearly $442 million of total assets, $340 million of net loans and $375 million of deposits.
The former First Federal Bancshares of Harrison, which consolidated three subsidiary banks into a single charter in the first quarter, has total assets valued at $2 billion, and 55 branch locations throughout Arkansas, Southeast Oklahoma and Southwest Missouri. The regional banking group also has three loan production offices in Arkansas and one in Missouri.
In trading on Thursday, Bear State stock was up three cents at $8.93 as fewer than 8,000 shares exchanged hands in the morning session. The Arkansas bank’s shares have traded in the range of $7.70 and $11.18 over the past 52 weeks.