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Court dismisses merger-related suits against Bear State Financial

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Court dismisses merger-related suits against Bear State Financial

Two merger-related suits against Bear State Financial Inc. were dismissed without prejudice by the court, after the plaintiffs voluntarily filed dismissal actions with the court Nov. 28, 2017, according to a Form 10-K filed March 16.

The Reichert v. Bear State Financial Inc., et al., and Parshall v. Bear State, et al., suits generally alleged that the Little Rock, Ark.-based company and its board disseminated "materially deficient and misleading" disclosures related to Bear State's acquisition by Arvest Bank. The lawsuits were dismissed without prejudice on Dec. 5, 2017, and Jan. 4, 2018, respectively.

Bear State also disclosed a 2017 CEO pay ratio of 13 to 1. Bear State CEO Matt Machen received $430,464 in total compensation that year; the median employee received $32,972.