Arvest Bank to purchase 29 Bank of America sites
BY Staff and Wire reports
Friday, December 14, 2012
12/14/12 at 4:49 AM
Arkansas-based Arvest Bank announced Thursday it plans to purchase 29 banking locations in Oklahoma, Arkansas, Missouri and Kansas from Bank of America Corp.
Terms of the deal were not disclosed.
Arvest says it will acquire Bank of America assets at the involved banks that include checking, savings, IRA and CD accounts. The transaction does not include credit card, mortgage, brokerage and trust accounts.
The banks involved are in Muskogee and Tahlequah in Oklahoma; Hot Springs, Hot Springs Village, Mountain Home and Russellville in Arkansas; Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains in Missouri; and Pittsburg, Kan.
The Muskogee branches being acquired are at 230 W. Broadway and 333 N. Third St. The Tahlequah locations are at 100 S. Muskogee Ave. and 123 W. Shawnee St.
"We are very excited to welcome these Bank of America customers and assure them we will be working to provide a seamless transition to Arvest," said Don Walker, president of Arvest Bank in Tulsa. "This acquisition of these locations demonstrates Arvest's commitment to meet the financial service needs of individuals and companies in Oklahoma."
Arvest officials said they consider the purchase of branches and customer relationships within its existing footprint a "strong indicator of the bank's commitment to community banking."
Each of the new locations will join one of Arvest's nearby locally managed community markets once regulatory approvals are received and the transition is complete.
Arvest officials said they expect many Bank of America employees to transition to the company and keep their current positions.
The purchase must be approved by federal regulators.
Arvest Bank operates more than 240 bank branches in Oklahoma, Arkansas, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team. Those banks serve customers in 90 communities with 12-hour weekday banking at most locations. Arvest also provides other banking services.
Original Print Headline: Arvest set to buy 29 BofA sites
Don Walker: "We are very excited to welcome these Bank of America customers."