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Little Rock company to buy Metropolitan National Bank

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Little Rock, Ark.-based Bear State Financial Inc. (Nasdaq: BSF) penned a deal to purchase Springfield’s Metropolitan National Bank.

Under the agreement, expected to close in the fourth quarter, shareholders of Metropolitan National parent company Marshfield Investment Co. would receive roughly $70 million, comprising $42 million in Bear State common stock and $28 million in cash, according to a news release.

Metropolitan National CEO Mark McFatridge is expected to join Bear State’s executive management team and board of directors. One member of Metropolitan’s board also is expected to join the Bear State board.

Through the deal, Bear State would acquire Metropolitan’s $442 million in assets, $340 million in loans and $375 million in deposits. Bear State Financial is the parent of Bear State Bank, according to the release.

The combined company would have $2 billion in assets, 55 branches - including Metropolitan’s 12 in southwest Missouri - and four loan production offices. The deal marks Bear State’s entrance into Missouri.

BSF shares were trading at $8.80 as of 9:40 a.m., compared to a 52-week range of $7.21 to $11.48.[[In-content Ad]]

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