Arvest Bank to Acquire Kansas City Branch
by October 4, 2010 12:00 am 84 views
Arvest Bank Group Inc. of Fayetteville said Sept. 29 it has entered into an agreement to acquire a single 6,000-SF branch from Community First Bank of Butler, Mo.
The agreement includes “substantially all of the deposits and accounts” of Community First’s Lee’s Summit office. Terms of the deal were not disclosed, but the branch had about $8.1 million in deposits as of June 30, 2009. The office employs nine; Arvest now employs about 125 associates in the greater Kansas City area.
The transaction is slated to be completed during the fourth quarter, pending regulatory approval.
Community First acquired the branch in April when BC National Banks, also of Butler, failed.
The move is consistent with Arvest’s expansion in the Kansas City area during the past year and is the bank’s second office in Lee’s Summit. The city is about 20 miles southeast of Kansas City proper.
Arvest purchased three Harrington Bank offices in Kansas City, Kan., late last year, and later acquired SolutionsBank of Overland Park, Kan.