by Lance Turner
Posted 3/25/2013 10:22 am
Updated 11 months ago
Arvest Bank of Fayetteville announced Monday that it has closed on its purchase of 29 bank branches in four states, including Arkansas, from Bank of America Corp.
The company, which announced the deal in December, received regulatory approval for the purchase on Feb. 18. At the time, it projected that "the vast majority" of acquired branches would open on March 25 as Arvest Bank branches.
All of the new branches are within or near existing Arvest markets, the company said. Per the deal, Arvest took ownership of 18 branch locations, as well as lease obligations for 11 others.
The purchase includes "most deposit accounts and loans" associated with the branches, but does not include credit card, mortgage, brokage or trust accounts. Officials with Arvest, the state's largest bank when ranked by deposits, have declined to reveal the price tag of the transaction. The deal was announced a year after Bank of America vowed to cut $5 billion in costs per year by 2014, cut 30,000 jobs and shed 750 bank branches.
"We had the opportunity, and it looked like a good fit for us," John Womack, chairman and CEO of Arvest's central
The new bank branches are in Arkansas, Oklahoma, Kansas and Missouri and represent about $750 million in deposits in total.
The agreement includes nine branches in Arkansas in Harrison, Hot Springs, Hot Springs Village, Mountain Home and Russellville. The deal includes 15 branches in Missouri, four in Oklahoma and one in Kansas.
"With the acquisition of these locations final, Arvest is focused on building relationships with our new customers," Womack said in a news release on Monday. "We are committed to meeting the financial service needs of both individuals and businesses as we make this transition and we are excited to begin working with even more customers in our community."