Posted 12/18/2013 09:45 am
Updated 3 months ago
Arvest Bank announced Wednesday that Virgil Miller, most recently Community Reinvestment Act director for Metropolitan National Bank of Little Rock, has joined Arvest as its CRA director.
"We are so proud to have Virgil Miller join the Arvest team," Cliff Gibbs, regional executive for Arvest Bank Group Inc., said in a news release. "Miller has a stellar reputation in banking circles that is well-deserved and based upon his long track- record of performance, integrity and hard work. He also brings a fresh and enthusiastic approach to CRA initiatives that will benefit all of our banks."
Miller has spent the last 13 years overseeing CRA compliance for Metropolitan. He previously worked for Worthen Bank, Boatmen's Bank, NationsBank and Bank of America.
Enacted by Congress in 1977, the CRA aims to encourage banks to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. Banks appoint an executive to ensure compliance.
With assets approaching $14 billion, Arvest is the largest bank in Arkansas. Owned by Wal-Mart founders the Walton family, it has more than 260 locations that are part of 16 locally managed banks in in Arkansas, Missouri, Oklahoma and Kansas.
In November, Simmons First National Corp. of Pine Bluff closed on its $53.6 million purchase of Metropolitan National Bank. Simmons bought Metropolitan from Metropolitan's holding company, Rogers Bancshares Inc., during a September auction that included bids by Arvest Bank of Fayetteville and Ford Financial Fund II of Dallas.