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Fed Bans Ex-Arvest Employee From Banking Industry

1 min read

The Federal Reserve has banned a former Arvest Bank of Fayetteville employee from the banking industry over misappropriation of funds.

Chandlar Groce, who was a sales and service representative at a branch in Fayetteville, allegedly transferred money from elderly customers’ accounts to her own accounts without authorization. One customer in April 2022 reported an unauthorized withdrawal in the amount of $6,617.24, according to a consent order filed by the Fed.

The order said the bank transactions constituted “violations of law or regulation, unsafe or unsound banking practices, and a breach of fiduciary duties,” caused Arvest to suffer financial loss and posed legal and reputational risks to the bank.

Groce worked for Arvest from August 2021 until she was fired in May 2022. She agreed to the consent order banning her from the industry without admitting or denying the allegations.

A search of court records found no criminal charges against Groce.

A spokesperson for Arvest said, “While we don’t speak to personnel issues, we can confirm that the issue was resolved quickly and the customer’s account was fully restored soon after the incident.”

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