Arvest Bank announced that Craig Rivaldo, president and CEO of Arvest Bank of Fort Smith, has been named the president and CEO of Arvest Bank of Benton County effective May 1.
Rivaldo replaces Dennis Smiley, who resigned suddenly on April 2 regarding allegations of questionable financial dealings.
Today’s announcement allows Rivaldo to replace interim president and CEO Scott Grigsby.
“Craig Rivaldo is an excellent banker and an outstanding individual who embodies the qualities that we seek as a company,” said Grigsby. “His career with Arvest spans more than 27 years and, in that time, he has proven himself to be an effective leader, a trusted decision-maker, and someone who cares deeply about the communities he serves. We are fortunate to have Craig and his family as a part of Arvest in Benton County.”
Rivaldo began his career with Arvest as a trainee with McIlory Bank in Fayetteville (now Arvest Bank, Fayetteville) in 1987. In 1999 he was one of the original associates who started Arvest’s Fort Smith operations from the ground-up. In 2010 he was named president and CEO in Fort Smith – one of Arvest’s top-performing banks over the past few years.
Privately-held Arvest Bank of Benton County is the largest of Arvest’s 16 locally-managed banks and has 28 locations in 13 communities and more than 400 employees.
A search for a new president in Fort Smith will begin immediately and an announcement will be made when a replacement is selected, the bank said.