Ironhorse Financial Group in Muskogee, Okla., has agreed to acquire Benefit Financial Group in Fort Smith, Ark.
The purchase price was not disclosed. The all-stock deal would allow Ironhorse to expand into Arkansas, where the $187 million-asset Benefit operates five branches along the state's western border with Oklahoma.
Ironhorse, which has $1.1 billion in assets, is the parent company of Armstrong Bank in Muskogee and Republic Bank & Trust in Norman, Okla.
"We have a strong retail franchise of branch offices just across the state line so this presents a great expansionary opportunity for us," Sinclair Armstrong, the chairman of Armstrong Bank, said in a press release Monday.
The deal is expected to close in the first quarter of next year.