Arvest Completes Purchase of National Bank of Arkansas

Arvest Bank on Saturday said its acquisition of National Bank of Arkansas of North Little Rock is complete.

The companies announced the deal in October.

Arvest said the conversion of NBA accounts and operations into Arvest won't be complete until early February. Until that happens, Arvest and NBA will operate on completely separate computer and account systems.

Chartered in 1982, National Bank of Arkansas has seven locations in Little Rock, North Little Rock, Sherwood, Maumelle and Conway. As of June 30, it reported total assets of $186.7 million and a staff of 80. The bank's equity capital was $15.5 million as of June 30.

In November, John Womack, chairman and CEO of Arvest in Little Rock, said that while Arvest has asked NBA employees to apply for jobs with their new owner, it was likely that some of NBA's employees would lose their jobs.

"We have asked them to apply for jobs, and I really don’t have much information at this point until after the interviews take place," Womack told Arkansas Business. "There will probably be some reductions in staff."

The sale of NBA means there are no more lenders headquartered in North Little Rock.