Arvest CEO Kevin Sabin retires, to be succeeded by Matt Machen

Fayetteville-chartered Arvest Bank recently made some key leadership changes. Kevin Sabin, chairman and CEO of the Walton family-owned bank, retired Nov. 1. Matt Machen, president and chief operating officer, will replace Sabin, adding the CEO title.

“The two have worked closely together over the last several months to ensure a smooth transition,” according to a statement from Arvest Bank. “This change builds upon the roadmap established under Kevin and Matt’s leadership as we continue to progress on our strategic vision.”

Yurik Paroubek, chief banking operations officer of Arvest Bank, has been named chief operating officer and will help carry out operational strategies and oversee banking operations, the mortgage division, group credit administration and technology groups.

Sabin, based in Tulsa, Okla., was the bank’s president and CEO since 2002. He was appointed chairman of the bank in 2024 and will continue in the role and as a board member of the bank’s holding company, Arvest Bank Group.

Jim Walton, bank founder and board chairman of Arvest Bank Group, will remain in that position.

“The Arvest Bank Group board, our shareholders, and I are excited about these moves,” Walton said. “We congratulate Kevin on his retirement. He has been an excellent leader for Arvest, and we are grateful to have worked with him. Matt will seamlessly provide steady leadership as we continue to offer customer-focused financial services and be a growth engine for our communities into the future.”

In his new role, Machen will lead Arvest Bank’s overall strategic direction and management and will serve as a member of the Arvest Bank Group board.

Machen, based in central Arkansas, has 22 years of banking experience and was named president and chief operating officer of Arvest Bank in January 2024. He was previously the bank’s regional executive of enhanced banking services. He joined Arvest in 2018 following its acquisition of Bear State Financial Inc., the publicly traded holding company of Bear State Bank. Arvest completed its all-cash purchase — for $391 million — in April 2018. At the time of the acquisition, Machen was president and CEO of the holding company and the bank.

Paroubek, based in Northwest Arkansas, also joined Arvest in 2018 through the acquisition of Bear State Bank, where he served as chief technology officer and director of operations.

According to the Federal Deposit Insurance Corp., Arvest Bank has total assets of $27.34 billion as of June 30.