With the completion of its purchase of Metropolitan National Bank, its former CEO has been tapped to lead Little Rock, Ark.-based Bear State Financial Inc. (Nasdaq: BSF)
The appointment of Mark McFatridge, effective today, corresponds with the finalization of Bear State’s $70 million cash-and-stock acquisition of Metropolitan National, according to a news release.
“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,” Bear State board Chairman Richard Massey said in the release. “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 paw print.”
Bear State also announced this morning John Ghirardelli, a member of the board at Metropolitan, has joined its board of directors.
In the deal, Bear State picks up Metropolitan’s $442 million in assets, $340 million in loans and $375 million in deposits. The combined company has $2 billion in assets, 55 branches and three loan production offices.
McFatridge became CEO of Metropolitan in early 2012. The prior year, the bank experienced a $7 million net loss. His first year, it broke even. By his second year, the bank had positive net income of $500,000 and last year nearly profited $2 million, according to Springfield Business Journal archives.
