The COVID-19 pandemic has delayed completion of the Arvest Tower in downtown Oklahoma City.
Development of Arvest Bank’s new central Oklahoma headquarters is flowing along a pandemic-delayed timetable.
The $24 billion-asset lender is now looking at spring 2021 instead of fall 2020 to have renovation work completed on its space at 201 S. Robert S. Kerr Ave. in downtown Oklahoma City.
The former Bank of Oklahoma Plaza is undergoing transformation into the Arvest Tower, where the Fayetteville-chartered bank is leasing 40,000 SF on the first floor and mezzanine level.
The space is envisioned to eventually house 70 Arvest staffers and result in the closing of a branch about two blocks away.
The largest banking franchise headquartered in Arkansas operates eight full-service locations in Oklahoma City and holds the 15th-largest share in the $28.9 billion-deposit market.
The Arvest branch network in Oklahoma City contains $368.9 million in deposits, 1.28% of the market. Oklahoma City is the competitive battleground for 50 banks.
Statewide, Oklahoma is home to 89 full-service Arvest branches. The Oklahoma tally is second only to Arvest’s 119 full-service locations in Arkansas.
Arvest Bank Group entered the Oklahoma banking scene in 1987, buying a 50% stake in Security National Bank of Norman.
From that starting point, Arvest’s Oklahoma presence grew, augmented by a half-dozen acquisitions during the 1990s, encompassing Village South National Bank and State Federal Savings in Tulsa, WestStar Bank of Bartlesville, Oklahoma National Bank of Duncan, United Bank of Del City and American National Bank of Shawnee.
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