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Arkansas Banks to Merge, Expand Oklahoma Operations.
By Laurie Winslow, Tulsa World, Okla. Knight Ridder/Tribune Business News
May 17--Arvest Holdings Inc. announced Friday it has agreed to buy Superior Financial Corp. for about $211 million, a move than will expand its banking network in Arkansas and Oklahoma.
The deal should be completed in the fourth quarter, officials said.
Plans call for publicly traded Superior Financial to merge with Arvest Holdings Inc., a wholly owned subsidiary of Arvest Bank Group Inc.
Shareholders of Superior Financial would receive $23.75 for each share of common stock. Shareholders will continue to receive dividends until the deal closes, the bank said. …
