Bear State Financial, the parent of Bear State Bank, has secured the regulatory nod to acquire Metropolitan National Bank.

Under the deal terms, Bear State will purchase 100% of the stock of Metropolitan, while shareholders of Metropolitan parent Marshfield Investment Company will secure proceeds worth about $70m comprising about $42m in Bear State common stock and $28m in cash.

The combined enterprise would operate with 55 branches including 41 branches across Arkansas, 2 in Southeast Oklahoma and 12 in Southwest Missouri.

In addition, it would consist of three loan production offices in Arkansas and one in Missouri.

Metropolitan National Bank managed about $442m in total assets, $340m in net loans and $375m in deposits as of 31 March 2015. The combined enterprise would include nearly $2bn in total assets.

The deal is scheduled to be completed in the fourth quarter of 2015.