Arvest Bank of Fayetteville said Wednesday it will close 31 of its more than 270 bank branches this summer as the company seeks a better balance between brick-and-mortar locations and online services.
In a news release, the bank said 2020 "introduced many challenges to the banking industry and accelerated existing trends in consumer preferences and behavior." It said it's seen a "shift in the balance between branch transactions and digital banking."
The company said more than a third of the facilities to close are limited-service branches, and most are in markets with other nearby Arvest locations. Arvest operates in Arkansas, Kansas, Oklahoma and Missouri.
In Arkansas, branches will close in cities including Fayetteville, Fort Smith, Jonesboro, Little Rock, North Little Rock and Russellville. A complete list of closures is available below.
The move comes as banks across the country rethink their operations after a pandemic that led many to permanently shutter or temporarily close branches.
Simmons First National Corp. of Pine Bluff, owner of Simmons Bank, temporarily closed more than 50 branches in response to the pandemic, while others were converted to drive-through with lobby access by appointment. CEO George Makris Jr. told Arkansas Business last summer that the branch network is likely to be pared even more as the pandemic accelerates online banking trends.
"One thing that has been clear during this time is the usage of our digital (online and mobile) options has increased tremendously," he said. "... I expect that we, along with other banks, will reduce their locations over time as customer habits dictate."
Arvest said it conducted an "in-depth analysis" of its branch network. In addition to closing some of them, it will also build eight new facilities and remodel 15 offices over the next 12-18 months. It's also adding 38 "ATM with Live Teller" machines throughout its network.
Arvest, the second-largest bank chartered in Arkansas with assets of $24.36 billion as of Dec. 31, did not say how many employees might lose their jobs because of the changes. It employed 6,330 full-time equivalents at the end of 2020.
"Well-trained and committed associates are the pillar of Arvest's success and it is the bank's desire to retain as many associates as possible by helping them secure other roles at Arvest locations," it said in a statement.
Arvest Bank Closures, Summer 2021 (PDF)
- 1113 N. Garland, Fayetteville
- 3919 N. Mall, Fayetteville
- 11808 Hwy. 71 S., Fort Smith
- 2425 S. Zero St., Fort Smith
- 700 U.S. Highway 62-65 N., Harrison
- 5205 E. Johnson Ave., Jonesboro
- 167 W. State Hwy. 14, Lead Hill
- 1800 N. Grant St., Little Rock
- 1360 N. Center, Lonoke
- 3502 JFK Blvd., North Little Rock
- 2110 W. Walnut, Rogers
- 819 S. Arkansas, Russellville
- 2623 W. Seventh St., Joplin
- 3200 Lusk Drive, Neosho
- 202 W. Main, Noel
- 24832 State Hwy. 39, Shell Knob
- 19801 Robson Road, Catoosa
- 14900 S.E. 29th St., Choctaw
- 11207 S. State Hwy. 51, Coweta
- 333 N. Third St., Muskogee
- 1000 W. Shawnee St., Muskogee
- 1801 Belle Isle Blvd., Oklahoma City
- 5621 N. Classen Blvd., Oklahoma City
- 7800 N.W. Expressway, Oklahoma City
- 6100 W. Reno, Oklahoma City
- 220 S. State Hwy. 97, Sand Springs
- 430 W. Wekiwa Road, Suite G, Sand Springs
- 5215 W. Sixth Ave., Stillwater
- 2019 E. 81st St., Tulsa
- 3233 S. Yale Ave., Tulsa
- 924 W. Missouri St., Walters