It was announced today that Arvest Bank will expand within the Greater Kansas City area through an agreement made to purchase Union Bank of Kansas City, Mo. Union Bank currently operates 10 branches in the Kansas City area. Please see the following release for additional details.
Kansas City, Mo. – Arvest Bank is announcing today that it has agreed to acquire substantially all of the assets and liabilities of Union Bank, according to Jeff Jernigan, Union Bank President & CEO and Mark Larrabee, President & CEO of Arvest Bank in Kansas City.
“As we assessed the best way to serve our loyal customers every day, it was clear that fresh ownership with deeper resources was the best course in a difficult economic environment,” Jernigan said. “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.”
The transaction requires approval from banking regulators and is expected to be completed in 90 to 120 days. Terms of the transaction were not disclosed.
Jernigan said the transition will have little or no immediate effect on Union’s customers. Account terms, conditions and policies will remain unchanged until after the sale is complete. Customers will receive notice of any changes well in advance of them taking place. Until that time, all Union customers should continue to do their banking as usual. Closing and conversion are expected to occur within 60 days of regulatory approval. Arvest Bank and Union Bank will be working together to ensure a smooth transition.
Union Bank operates 10 branches throughout the Kansas City area from the Northland to Midtown to Lee's Summit. All Union Bank locations are in Missouri. Assets as of December 31, 2011 were $459 million.
“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. Union Bank’s franchise will solidify our presence on the Missouri side of the metro area, particularly in the Northland,” said Larrabee. “We expect it to be a great fit of expanded presence, outstanding associates, and fantastic customers.”
Jernigan said Arvest will continue to build on the dream of Union Bank's founders, a group of entrepreneurs from various business backgrounds who came together to build a community bank based on unsurpassed customer service.
“A community bank built on customer service was unusual back then,” Jernigan said. “While it’s a coincidence that Arvest was started about the same time and with the same philosophy, it is quite deliberate that we have chosen to come together now.”
Larrabee added, “In addition to a history of outstanding customer service, Arvest will provide Union Bank’s customers with access to a wide range of new products and services including residential mortgage financing, investment and trust services, and some of the lowest banking fees in the country. Additionally, our branches operate from 7 am to 7 pm during the week and 8 am to 1 pm on Saturdays, so they will have the added benefit of more convenience.”
Founded as Bannister Bank & Trust in 1965, the bank established itself in a temporary location until moving to 9300 Blue Ridge Blvd, which remains their headquarters today. Bannister acquired Union Bank in 2001 and took the Union name. Many original depositors remain customers today.
“Arvest was founded in 1961 with a similar intense dedication to focusing on the customer above all else,” Jernigan said. “We also like that Arvest has local presidents and boards of directors in the 16 communities where it operates and, like Union, values being actively involved in those communities. We’re confident our customers will embrace this change, just as they have been loyal to Union for more than four decades.”