Arvest Opens Oklahoma LPO
by October 8, 2007 12:00 am 117 views
Arvest Bank Group Inc. opened a loan production office in Stillwater, Okla., on Sept. 13.
The office is the bank’s first foray in the college town and geographically fills in a gap between Tulsa and Oklahoma City. The bank has plans to build two full-service banks in Stillwater during 2008 and has already received approval from the Arkansas State Bank Department for one.
Earlier this summer, Arvest struck an agreement to purchase three M&I Marshall and Ilsley Banks in Tulsa, with combined deposits of $238.9 million. M&I is a Milwaukee, Wis.-based bank with $50.4 billion in assets.
The existing 26 Arvest offices in Tulsa already controlled $844.1 million in deposits, or about 5.73 percent of the share in that market, according to June 30, 2006 data.
In May, Arvest opened a full-service private bank in Springfield, Mo., it’s first such office in that market.
On Sept. 26, 2006, Arvest purchased Caney Valley Bancshares Inc. in Caney, Kan., which Arvest officials have said will serve as a platform for further expansion into Kansas.
As of June 30, Arvest had $9.33 billion in assets, up 9.3 percent from $8.53 billion a year earlier.