Bear State Financial in Little Rock, Ark., has agreed to buy Metropolitan National Bank in Springfield, Mo.
The $1.5 billion-asset Bear State said in a press release Monday that it will pay shareholders of Marshfield Investment Co., Metropolitan's parent company, $70 million in cash and stock for the $442 million-asset bank. The deal is expected to close in the fourth quarter.
Metropolitan also has 12 branches, $340 million of loans and $375 million of deposits. Bear State said it expects the deal to be immediately accretive to its tangible book value per common share and earnings per common share.
Mark McFatridge, Metropolitan's chief executive, is expected to join Bear State's executive management team and board.
Bear State also said that it expects its second-quarter earnings to be between 8 cents and 10 cents a share.
