LITTLE ROCK, AR — Officials at Arvest Bank Group announced Wednesday that they have entered into an agreement to purchase 100 percent of the issued and outstanding stock of National Banking Corporation (NBC), the parent holding company for National Bank of Arkansas (NBA) based in North Little Rock.
The sale is expected to close in the fourth quarter of 2013, pending all required and regulatory shareholder approvals.
Arvest officials say they will file applications with the proper agencies 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,” John Womack, Chairman and CEO of Arvest Bank in Little Rock said in a news release. “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 fourth quarter 2013 or first quarter 2014, Arvest officials say.
“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 NBC said in a news release. “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.’”
Officials say NBA customers should continue to conduct their banking business at NBA locations as they have in the past until they receive more information from Arvest with details about the transition. Arvest customers will be unable to bank at current NBA locations until the transition is complete.
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, and seven offices located in Pulaski and Faulkner Counties.
The sale is expected to close in the fourth quarter of 2013, pending all required and regulatory shareholder approvals.
Arvest officials say they will file applications with the proper agencies 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,” John Womack, Chairman and CEO of Arvest Bank in Little Rock said in a news release. “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 fourth quarter 2013 or first quarter 2014, Arvest officials say.
“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 NBC said in a news release. “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.’”
Officials say NBA customers should continue to conduct their banking business at NBA locations as they have in the past until they receive more information from Arvest with details about the transition. Arvest customers will be unable to bank at current NBA locations until the transition is complete.
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, and seven offices located in Pulaski and Faulkner Counties.