A former Northwest Arkansas banker is returning to the region to head up the Benton County market for Arvest Bank.
The Fayetteville-chartered lender appointed Brad Crain the next president and CEO of Arvest Benton County. Since May 2014, Crain held a similar position for the bank’s Springfield, Mo., market. He’ll begin his new job assignment Jan. 27.
Crain replaces Craig Rivaldo, who now serves as one of two regional executives for the bank.
“Brad’s wealth of knowledge, experience and perspective makes him the ideal person to lead Arvest in Benton County,” Rivaldo said in a statement. “His passion for serving our customers and the community is well-established and will become quickly evident to anyone who doesn’t know him. I know he is excited to get back to Benton County, where he originally started with Arvest, and have a positive impact here in our community.”
Crain, an Arkansas native and Hendrix College graduate, got his start at Arvest Bank in Bentonville 14 years ago as a regional investment officer. He later served as executive vice president of Arvest Bank and director of sales for Arvest Wealth Management, as well as director of the investment management group of Arvest.
Crain is a former member of the Bentonville City Council and former board member for the Bentonville Convention & Visitors Bureau.
“I am honored and humbled to be given this opportunity to come back to Benton County, where my family has roots,” Crain said in a statement. “Additionally, it is one of the most vibrant areas in the country and an important area to Arvest. I look forward to leading the terrific team that is in place, and also to growing our presence and engaging in all of the communities in the Benton County region.”
A search for a new president in Springfield is under way and an announcement will be made when a successor is selected.
Arvest Benton County is the largest of the company’s 14 locally managed markets in Arkansas, Kansas, Missouri and Oklahoma. It has 24 banking offices in Benton County, according to the Federal Deposit Insurance Corp. (FDIC), more than the next three banks (Bank OZK, First Security Bank and Grand Savings Bank) combined.
Arvest Bank is the state’s second-largest lender, with assets totaling $19.3 billion as of Sept. 30, 2019. Bank OZK of Little Rock held the most, with $23.4 billion.