Arvest Bank to Purchase 29 Bank of America Branches in 4 States

by Arkansas Business Staff  on Thursday, Dec. 13, 2012 3:47 pm  

John Womack, chairman and CEO of Arvest Bank in Little Rock, says the company will be working hard over the next few months to provide Bank of America customers "a seamless transition" to Arvest Bank. (Photo by Michael Pirnique)

Each of the new branches will join "one of Arvest's nearby locally managed community markets." The company expects "many" Bank of America employees to transition to Arvest and keep their jobs.

"This acquisition of these locations demonstrates Arvest’s commitment to meet the financial service needs of individuals and companies in Arkansas communities," Womack said in a news release. "We are very excited to welcome these Bank of America customers and assure them we will be working hard over the next few months to provide a seamless transition to Arvest Bank."

In all, Arvest controlled 12 percent of statewide bank deposits as of June 30, stretching out its lead over No. 2 Regions Bank. In terms of market share, it is No. 1 in Benton and Washington counties.

Arvest, owned by Wal-Mart founders the Walton family, earned $42 million last year and is on pace for $50 million in net income this year.

Bank of America is ranked No. 4 in Arkansas by deposits, with 38 branches and $3.1 billion in deposits.

George Waldon and Gwen Moritz contributed to this report.



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