Arvest Bank announced Thursday (Dec. 13) it has entered into an agreement with Bank of America Corporation to purchase 29 locations and most deposit accounts and loans associated with those locations.
The locations being acquired are all within or close to existing Arvest markets and include 9 locations in Arkansas. You can view the Arkansas acquisition map here.
The purchase is subject to receiving regulatory approvals, which are expected in the first quarter of 2013. Terms of the transaction were not disclosed.
Under the agreement, Arvest will purchase certain assets, including eighteen branch locations owned by Bank of America, most deposit accounts such as checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area and are conveniently serviced at these locations, as well as lease obligations for eleven other branch locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.
The agreement includes nine branches in Arkansas in the following communities:
- Hot Springs (4 locations)
- Hot Springs Village
- Mountain Home
- Russellville (2 locations)
Additionally, the deal involves fifteen branches in Missouri, four in Oklahoma and one in Kansas.
“This acquisition of these locations demonstrates Arvest’s commitment to meet the financial service needs of individuals and companies in Arkansas communities,” said John Womack, chairman and CEO of Arvest Bank in Little Rock. “We are very excited to welcome these Bank of America customers and assure them we will be working hard over the next few months to provide a seamless transition to Arvest Bank.”
Arvest said it expects many Bank of America employees to transition to the company and keep their current positions.
Bentonville-based Arvest Bank operates more than 240 bank branches in Arkansas, Oklahoma, Missouri and Kansas.