Posted 1/14/2013 12:00 am
Updated 11 months ago
We note that more applications for approval were filed with the Arkansas State Bank Department in the first nine days of 2013 (32) than in all of 2012 (30).
Thirty of the new applications were filed by Arvest Bank of Fayetteville, and 29 of those seek approval to buy Bank of America branches in Arkansas, Missouri, Oklahoma and Kansas as announced in December.
The other Arvest application seeks to collapse the charter of Arvest Trust Co. of Rogers into the regular bank charter.
We asked spokesman Jason Kincy about that application, and he declared it to be “a non-story.”
“The merger is a move to simplify our regulatory and organizational structure,” he said in an email. “No other related items such as leadership changes, product offering changes, new markets, etc. are involved. This was identified as an opportunity to streamline our operation, not a precursor to anything else.”