Arvest Bank Completes KC Transition
by March 22, 2010 12:00 am 74 views
In early March, Arvest Bank completed its transition of about 6,000 household and business customers it acquired when it purchased SolutionsBank of Overland Park, Kan., in December.
The Office of the State Bank Commissioner of Kansas closed the bank and the FDIC was named the receiver. Arvest entered into a loss-share agreement with the FDIC on about $411.3 million of SolutionBank’s assets and picked up about $421.3 million in deposits.
Arvest now has nine offices in the Kansas City market. This time last year it had none.
The bank purchased three offices from Harrington Bank in August – that added about $93 in deposits. (Arvest officials say the bank has about $500 million in deposits there now.)
According to the Kansas City Business Journal, Arvest is already No. 18 in terms of deposit market share in KC. That’s saying a lot for a market that has 150 unique banks and nearly 800 offices. The total deposit pool was about $40.74 billion as of June 30.
So what’s next?
“We are continuing to look for other acquisition opportunities,” Jason Kincy, a spokesman for the bank, said.