Fayetteville-chartered Arvest Bank said Wednesday (March 24) it would close nearly 12% of its 270-plus branch locations this summer.
The 31 branches will close at 5 p.m. on Wednesday, June 30. There are 15 in Oklahoma, 12 in Arkansas and four in Missouri.
The branches slated for closure can be found at this PDF. Some are inside Walmart Supercenter stores, for example, 2110 W. Walnut St. in Rogers.
The company said “a limited number of associates” will be affected by the changes. A company spokesman declined to provide a more specific number.
“Well-trained and committed associates are the pillar of Arvest’s success and it is the bank’s desire to retain as many associates as possible by helping them secure other roles at Arvest locations,” the company said in a statement.
Arvest said more than a third of the branches to close are limited-service branches. Most of the impacted branches are in markets with other nearby Arvest branches.
“The past year has introduced many challenges to the banking industry and accelerated existing trends in consumer preferences and behavior,” Arvest said in a statement. “Most significant for Arvest Bank has been a shift in the balance between branch transactions and digital banking.
“In response to these significant changes in customer banking preferences, Arvest has conducted an in-depth analysis and will make changes to its branch network in 2021.”
Wednesday’s news release said Arvest plans to build eight new facilities and remodel 15 others over the next 12-18 months. The bank also plans to install 38 additional ATM with Live Teller machines throughout its network. The machines allow customers to have face-to-face communication with Arvest tellers via a video screen and complete more types of transactions than a traditional ATM. They also offer standard ATM capabilities 24 hours a day.
Arvest Bank operates more than 270 branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team.
According to the most recent FDIC data available, Arvest had $24.3 billion in assets as of Dec. 31. That’s up 25% from $19.4 billion on the same date in 2019.