Arvest Buys Kansas Bank

by Worth Sparkman  on Wednesday, Sep. 27, 2006 2:17 pm  

Bentonville-based Arvest Bank Group Inc. said Wednesday that it has an agreement to purchase Caney Valley Bancshares Inc. in Caney, Kan.
CVB is a holding company that operates Caney Valley National Bank, which had one office and $43 million in assets as of June 30.

The office will be Arvest's first in Kansas.

The deal is expected to close in the first quarter of 2007. Terms of the agreement were not disclosed.

Arvest said Caney is a "natural trade area" with Bartlesville, Okla., about 20 miles to the south. Bartlesville is about 45 miles north of Tulsa.

Arvest entered the Bartlesville market in 1994 when it purchased the First National Bank in Bartlesville. There are now four Arvest offices in that town.

Donny Story, president and CEO of Arvest Bank-Fayetteville, was president of Arvest's operations in Bartlesville before moving back to Fayetteville's market in May 2004. He said the move is a natural fit and will probably help the bank connect the dots in southeast Kansas back to Arvest's infrastructure in southwest Missouri and Northwest Arkansas.

Arvest had $8.53 billion in assets as of June 30, up 13 percent from $7.54 billion a year earlier. The bank has 209 offices and 304 ATMs in three states, and controls the deposit market share in Benton and Washington counties.



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