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Arvest Buys Banks
Wed March 27, 2013
Arvest Bank Completes Acquisition Of 29 Branches
Arvest Bank says it's completed its acquisition of 29 Bank of America locations in four states. The Fayetteville-based bank announced that the deal closed last week for the new locations.
Terms of the deal weren't disclosed, but it included 15 branches in Missouri, nine in Arkansas, four in Oklahoma and one in Kansas. Arkansas Business reports that Arvest received regulatory approval for the purchase on Feb. 18.
Under the deal, Arvest took ownership of 18 branch locations and assumed lease obligations for 11 others. Arvest says the new banks represent about $750 million total in deposits.
The Arkansas locations are in Harrison, Hot Springs, Hot Springs Village, Mountain Home and Russellville.