Posted 8/6/2009 03:58 pm
Updated 12 months ago
Arvest Bank of Fayetteville announced Thursday it will acquire Harrington Bank in Kansas City, Kan.
Harrington Bank is part of the savings thrift Los Padres Bank based in Solvang, Calif. Both are operated by Harrington West Financial Group Inc. of that city.
The purchase is subject to regulatory approvals.
Arvest will purchase about $95 million in assets including two branches and about $93 million in deposits. The transaction does not include the investment management and trust business of Harrington Wealth Management.
In a prepared statement, Kevin Sabin, Arvest president and chief operating officer, said, “We are excited to enter the Kansas City market with this acquisition and look forward to growing and expanding there for years to come. We are pleased to be entering this market and believe Harrington Bank is an excellent opportunity.”
Arvest had 234 offices in Arkansas, Oklahoma, Missouri and Kansas at the end of the first quarter.
According to the Federal Deposit Insurance Corp., Arvest Bank had $10.76 billion in assets as of March 31, up more than 8 percent from the same period a year prior.
Deposits grew at a slower pace for the same period, 3.6 percent, with a total of $8.75 billion at the end of the first quarter.
The bank’s total loan portfolio grew to $7.62 billion as of March 31, up 11.5 percent from the same period a year earlier, and it had maintained $15 million in provisions for credit losses. Total non-current loans and leases were valued at $213.6 million, about 3.89 percent of its portfolio as of the end of the first quarter.
Net income at the end of 2008 was $80.2 million, down 19 percent from $99.1 million at the end of 2007. The bank’s return on assets at the end of 2008 was 0.81 percent.
Arvest had total equity capital of more than $1 billion, according to its June 30 call report.