Fayetteville-chartered Arvest Bank has announced expansion plans and signed a lease for approximately 40,000 square feet on the first floor and mezzanine level of 201 Robert S. Kerr in downtown Oklahoma City. The 202,000-square-foot building, previously known as Bank of Oklahoma Plaza, will be renamed Arvest Tower.
In a blog post Tuesday (Oct. 29), Arvest officials said the company will renovate the space and establish its central Oklahoma headquarters in the multitenant office building, as well as provide personal, commercial and wealth management banking services in the new location.
The renovation is expected to be completed in fall 2020.
“This downtown Oklahoma City location and statewide expansion for Arvest Bank signals several key directions for us,” Brad Krieger, chairman of Arvest Bank of Oklahoma City and regional executive vice president of Arvest Bank Group Inc., said in a statement. “It’s a vote of confidence in Oklahoma City and the downtown area, as well as the entire state. We’ve been involved in the growth and support of community-wide efforts with the Oklahoma City Chamber, Tulsa Regional Chamber and others across the state. We want to continue that support and even deepen our involvement in the future.
“It is also a response to our own growth and need to have banking services within walking distance for our customers and businesses with a downtown presence. The central downtown location was ideal to meet those needs.”
Arvest is leasing the space from BOKP Investors LLC, a group of Oklahoma business leaders and developers. The building has 16 floors, covered and adjacent parking and was built in 1972. Arvest has negotiated ample parking spaces for customers and bank associates. The lobby features a 27-foot ceiling and tiled marble floors.
Renovations will include removing some walls to open the lobby, updates to bathrooms and common areas and designing more contemporary, flexible workspaces for approximately 70 employees.
The new lease and renovations to create Arvest Tower come on the heels of other recent Arvest Bank expansion news, including a new parking garage and other commercial activities in downtown Tulsa and new branches in Owasso and Capitol Hill in Oklahoma City.
There are 223 banks that hold deposits in Oklahoma, according to the Federal Deposit Insurance Corp. As of June 30, Arvest ranked No. 4 with $4.83 billion in deposits. That represents a 5.2% market share and is the most of any bank chartered outside Oklahoma.
BOKF N.A. ($12.09 billion), MidFirst Bank ($6.76 billion) and BancFirst ($6.73 billion) make up the top three.