Arvest Bank’s Kansas Acquisition Approved
by October 5, 2009 12:00 am 82 views
The August announcement of Arvest Bank’s acquisition of a bank in Kansas was recently approved by the Arkansas State Bank Department.
Arvest said on August 6 it would acquire Harrington Bank in Kansas City, Kan., a part of the thrift Los Padres Bank based in Solvang, Calif., which is operated by Harrington West Financial Group Inc. The Federal Deposit Insurance Corp. lists no retail banking offices for Los Padres.
At the time, Arvest said it would purchase about $95 million in assets, three branches (two with real estate and hard assets, one leased location) and about $93 million in deposits.
The ASBD applications Web page says Arvest was approved to acquire the three locations – one each in Olathe, Overland Park and Mission – on Sept. 8.
Los Padres was issued a supervisory agreement by the Office of Thrift Supervision in April. The agreement addressed the thrift’s capital requirements, need for a revamped business plan including a concentration and liquidity policy as well as need for an internal asset review policy.
The purchase gives Arvest four total locations in Kansas. Arvest had total equity capital of more than $1 billion, according to its June 30 call report.