Posted 12/11/2009 06:35 pm
Updated 1 year ago
The Federal Deposit Insurance Corp. today announced Arvest Bank of Fayetteville had assumed all the deposits of SolutionsBank of Overland Park, Kan.
SolutionsBank was closed earlier in the day by the Office of the State Bank Commissioner of Kansas and the FDIC was appointed the receiver.
Arvest said it will assume all non-brokered deposits and loans of the bank.
The FDIC said SolutionsBank had $421.3 million in deposits and $511.1 million in assets as of Sept. 30. Arvest entered into a loss-share agreement with the FDIC on about $411.3 million of SolutionBank's assets. The agreement is expected to maximize returns on the assets and minimize disruptions for loan customers, the FDIC said.
All depositors of SolutionsBank will automatically become depositors of Arvest Bank. All six offices of SolutionsBank will reopen on Saturday as Arvest Bank.
In a prepared statement from Arvest, Mark Larrabee, president, Arvest's Kansas City market said, "We are pleased to welcome SolutionsBank customers to the Arvest Bank family and want to assure all customers of SolutionsBank that all of their deposits are safe and accessible and that they will have the best financial products and services at their disposal."
Arvest Bank operates three branches in the region, with one each in Mission, Olathe and Overland Park in Kansas. Arvest purchased those office in August from Harrington Bank. That deal added about $93 million in deposits to Arvest and served as its first foray into the Kansas City market, though it purchased Caney Valley Bancshares Inc. in Caney, Kan., in late 2006 . The bank has been methodically expanding in southern Missouri for the past year.
As of Sept. 30, Arvest had $10.4 billion in assets and $8.37 billion in deposits. It had 233 total offices in Arkansas, Oklahoma, Missouri and Kansas.