Arvest Bank to Acquire Union Bank of Kansas City
by January 30, 2012 2:16 pm 163 views
Arvest Bank announced Monday it has agreed to “acquire substantially all of the assets and liabilities of Union Bank,” according to officials at both institutions.
Union Bank operates 10 branches throughout the Kansas City area, all in Missouri. Its assets, as of Dec. 31, were $459 million.
The transaction requires approval from banking regulators and is expected to be completed in 90 to 120 days. Terms were not disclosed.
In a prepared statement, UB president and CEO Jeff Jernigan said “it was clear that fresh ownership with deeper resources was the best course in a difficult economic environment.”
“Arvest Bank is a perfect fit because of its approach to customer service and their commitment to long-term growth in the Kansas City region.”
Arvest Bank entered the Kansas City market in November 2009, and currently has 10 branch locations there.
“The addition of the Union Bank franchise will double the number of full-service Arvest branches in Kansas City and more than double our total assets in the market,” Arvest Kansas City president and CEO Mark Larrabee said in the news release.
Larrabee also said the move will “solidify our presence on the Missouri side of the metro area.”
UB’s account terms, conditions and policies will remain unchanged until after the sale is complete, according to the release. Closing and conversion are expected to occur within 60 days of regulatory approval.
Arvest operates more than 230 bank branches in Kansas, Missouri, Arkansas and Oklahoma.