Posted 9/29/2010 10:06 am
Updated 2 years ago
The agreement includes "substantially all of the deposits and accounts" of Community First's Lee's Summit office. Terms of the deal were not disclosed, but the branch had about $8.1 million in deposits as of June 30, 2009. The office employs nine; Arvest now employs about 125 associates in the greater Kansas City area.
The transaction is slated to be completed during the fourth quarter, pending regulatory approval.
Community First acquired the branch in April when BC National Banks, also of Butler, failed.
The move is consistent with Arvest's expansion in the Kansas City area during the past year and is the bank's second office in Lee's Summit. The city is about 20 miles southeast of Kansas City proper.
Arvest purchased three Harrington Bank offices in Kansas City, Kan., in August 2009, with about $95 million in assets and $93 million in deposits, then acquired SolutionsBank of Overland Park, Kan., which had $421.3 million in deposits and $511.1 million in assets the last quarter it reported to the Federal Deposit Insurance Corp.
As of June 30, Arvest had $11.32 billion in assets, up 5.4 percent from a year prior. The bank had total deposits of $9.26 billion, up from $8.72 billion from June 30, 2009.
Earlier this week Arvest said its mortgage arm, Arvest Mortgage Co., had originated more than $1 billion in new mortgages. It marks the bank's eighth consecutive year to hit that mark.