by Rob Keys
Posted 6/26/2012 11:23 am
Updated 2 years ago
Arvest Bank of Fayetteville announced Monday the completion of its purchase and transition of account relationships with Union Bank of Kansas City.
Arvest had announced a signed agreement with Union Bank on Jan. 30. The move doubles the number of branches Arvest has in the area.
"We are excited to welcome Union Bank customers to the Arvest Bank family and look forward to providing them with the opportunity to take advantage of our expanded line of financial products and services," Mark Larrabee, president and CEO for Arvest in Kansas City, said in a news release.
Arvest said the purchase increases its Kansas City area assets to about $800 million. The bank now has 18 branch locations and more than 30 ATMs in the area, which it entered in November 2009.
Union Bank, which was founded as Bannister Bank & Trust in 1965, operated 10 branches in the Kansas City area. As of Dec. 31, it had assets of $459 million. According to the Kansas City Star, the bank had been suffering from loan losses and a capital shortfall.
Before the deal, Arvest operated more than 240 bank branches in Kansas, Missouri, Arkansas and Oklahoma. In Arkansas, Arvest is the largest bank chartered in the state. It also the 93rd largest financial institution in the country, with assets of $12.5 billion as of Sept. 30.