Arvest finishes converting Bear State after purchase

Arvest Bank yesterday completed the conversion process of Little Rock, Arkansas-based Bear State Financial Inc. (Nasdaq: BSF), five months after buying the company for $391 million.

Arvest converted the Bear State branches to its own branding and switched over its systems and customers. Twenty branches, including six in the Springfield metropolitan statistical area, were involved in the transition, according to a news release.

Arvest wrapped up the acquisition of Bear State in April, bringing the Arkansas-based company’s assets to $18.8 billion and its branch portfolio to more than 270 in Kansas, Missouri, Oklahoma and its home state. The acquisition was announced in August 2017.

“This has been a long process, but as we’ve said from the beginning, the customer-first approaches of both Arvest and Bear State have made this a natural fit,” said Brad Crain, president for Arvest in Springfield, in the release.

Arvest entered 15 new communities through the Bear State purchase.