Arvest Bank announces regional leadership changes

Craig Rivaldo, regional executive for Fayetteville-chartered Arvest Bank, will retire later this year after 37 years with the bank, the bank announced Monday (April 14). His retirement results in executive changes also announced Monday.

Rodney Shepard will replace Rivaldo as regional executive for the bank’s southeast region. In his new role, Shepard will oversee banking operations in Arkansas.

Shepard has worked for Arvest Bank for 31 years. He previously served as regional executive for the bank’s northwest region of Oklahoma, Missouri and Kansas. He replaced Brad Krieger in May 2024 following his retirement after 28 years at the bank.

Kirk Hays has been promoted to regional executive for the bank’s northwest region to fill Shepard’s previous role. Hays, who has worked for Arvest Bank for 31 years, most recently was president of the bank’s Tulsa, Okla., region.

Rivaldo, who helped launch Arvest’s move into the Fort Smith metro in the late 1990s, was regional executive since February 2020. He previously was president and CEO of Arvest Benton County. Shepard, Hays and Rivaldo will work together in the coming months as the transition takes place, including the hiring of Tulsa’s new market president.

Before becoming regional executive, Shepard was the bank’s first chief customer experience officer. He was also president for the Fort Smith and Springfield, Mo., bank markets.

“Rodney’s experience and enthusiasm for our southeast region makes him a great choice to fill this role,” said Arvest Bank Chairman and CEO Kevin Sabin. “He’s constantly risen to every challenge, and I am excited to have him work closely with our Arkansas management teams and boards as we continue our work to meet the needs of our customers now and in the future.”

Shepard is a distinguished alumnus of Carl Albert Junior College in Poteau, Okla. He earned a bachelor’s degree from Northeastern State University in Tahlequah, Okla.; a master’s degree in business administration from Webster University; and is an alumnus of the Graduate School of Banking at Louisiana State University in Baton Rouge, La.; and the Mid-South School of Banking in Memphis, Tenn. He’s also a board member for Forward Arkansas, Mercy Health Fort Smith Communities, and the University of Arkansas at Fort Smith Board of Visitors.

According to the Federal Deposit Insurance Corp., Arvest Bank had $26.89 billion in total assets as of Dec. 31. It has more than 200 banking locations in Arkansas, Kansas, Missouri and Oklahoma and has more than 830,000 retail and business customer households.