Bear State Financial, Inc. (the “Company”) (NASDAQ: BSF), the holding company for Bear State Bank (the “Bank”), is proud to announce that on April 20, 2016, the Board of Directors of the Company approved two executive promotions. Current Senior Executive Vice President and Chief Financial Officer James M. (Matt) Machen was named President of the Bank and current Executive Vice President and Chief Accounting Officer Sherri Billings was named Senior Executive Vice President, Chief Financial Officer and Chief Accounting Officer of the Company and the Bank. Mark McFatridge remains President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank.

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Matt Machen has been promoted to President of Bear State Bank (Photo: Business Wire)

Matt Machen has been promoted to President of Bear State Bank (Photo: Business Wire)

Mr. Machen has been with the Company and the Bank since 2011 in a number of leadership roles, including most recently serving as the Company’s Senior Executive Vice President and Chief Financial Officer since 2014. Before being named the Company’s Chief Financial Officer, he served as a Regional President for First Federal Bank. Mr. Machen holds a Finance degree from the University of Arkansas and is a board member of the Dean’s Alumni Advisory Council at the University of Arkansas’s Walton College of Business.

“Matt combines a deep understanding of the banking industry’s financial, lending and business environment with the rare ability to lead and inspire those around him,” said Mr. McFatridge. “Matt’s leadership has been vital to numerous strategic initiatives thus far in the Bear State story and will play an increasingly important role in the Bank’s future.”

Mrs. Billings has been with the Bank since 1979 and has held various senior positions with the Company and the Bank. She has served as an Executive Vice President since 2002 and became Chief Accounting Officer in 2014. She previously served as Chief Financial Officer of the Company and First Federal Bank from 2002 until 2014, as Senior Vice President for First Federal Bank from 1993 to 2002, and as Treasurer for First Federal Bank from 1986 to 1993. Mrs. Billings is a licensed Certified Public Accountant, a member of the American Institute of Certified Public Accountants and the Arkansas Society of Certified Public Accountants, and has attained the designation of Chartered Global Management Accountant.

“Long term growth plans are only as good as the people behind the numbers. Sherri has been an integral force as part of the Company’s transformation and advancement over the past 30 years,” stated McFatridge. “Sherri has demonstrated a high level of competency and passion for the Bank. She has consistently delivered in each of the roles she has held and has done so in a way that has balanced concern for our customers, team members, shareholders and the communities in which we serve.”

“This announcement highlights one of Bear State’s strongest attributes – the depth of our leadership team – which allows us to promote from within,” summarized McFatridge. “Both Matt and Sherri have played pivotal roles in the successful transformation of the legacy First Federal Bank into Bear State Bank as we know it today. Since May 2011, the Company has seen a return to profitability and completed two acquisitions with Matt and Sherri overseeing crucial projects every step of the way. These promotions are a direct reflection of the expertise and leadership shaping the future for Bear State.”

About Bear State Financial, Inc.

Bear State Financial, Inc. is the parent company for Bear State Bank. Bear State Financial, Inc. common stock is traded on the NASDAQ Global Market under the symbol BSF. For more information on Bear State Financial, Inc. please visit www.bearstatefinancial.com. Its principal subsidiary, Bear State Bank, is a community oriented financial institution providing a broad line of financial products to individuals and business customers. Bear State Bank operates 55 branches and three loan production offices throughout Arkansas, Southwest Missouri and Southeast Oklahoma.