Arvest Bank Consolidating Loan Operations, Shifting Management in NWA
by January 11, 2012 6:36 pm 155 views
Arvest Bank is in the midst of consolidating its commercial and consumer loan operations to Lowell. The bank’s mortgage division is already based there.
Jason Kincy, Arvest spokesman, said loan commercial operations are scattered about the region and state among the veteran branches such as the Fayetteville and Fort Smith markets.
It’s too premature to know exactly how many jobs will relocate to Lowell, but Kincy said the bank is evaluating space and opportunities to merge similar commercial lending operations. He said the bank has already successfully streamlined its consumer call centers that serve 240 branches from four regional locations.
Analysts say bloated infrastructure is common when a bank has expanded as much as Arvest has throughout its 50 year history. The bank has merged with, or acquired 22 different financial institutions since its early origins as the Bank of Bentonville.
Banks continue to look for ways to trim overhead expenses and streamline internal operations as the economic recovery drags into its third year, according to John Dominick, analyst and banking professor at the University of Arkansas.
Today, Arvest operates 240 branches in Arkansas, Oklahoma, Missouri and Kansas. Total assets now exceed $11.8 billion, making Arvest the largest bank in Arkansas, ranked by deposits and the largest bank in Oklahoma, ranked by number of locations, according to Federal Deposit Insurance Corp. filings.
Arvest posted net profits of $62.47 million through the first nine months of 2011. Net income rose from $32.96 million in the same period of 2010, according to FDIC reports.
Arvest also announced Monday (Jan. 9) the pending retirement of banking veteran David Short, CEO and president in Benton County. He has held the post since September 2009.
The bank has tapped Dennis Smiley, president of Arvest Springdale, to assume the Benton County position effective April 1. Smiley’s replacement search has begun, Kincy said.
Smiley joined Arvest in 1989 working as a commercial loan officer with McIlroy Bank in Fayetteville. He was promoted to CEO and president for the Springdale division in 2001.
Kim Souza with our content partner, The City Wire, is the author of this report. She can be reached by e-mail at [email protected].