Arvest Bank announced the addition of 29 Bank of America locations, including certain deposit accounts and loans associated with these locations. Regulatory approvals have been received and now these locations, certain deposits and loans will transition to Arvest at the close of business on Friday, March 22, 2013. The press release below gives additional details about the closing announcement.
For more information about the transition, please visit our Bank of America customer welcome page.
FAYETTEVILLE, Ark.–-In December 2012, Arvest Bank entered into an agreement with Bank of America to purchase twenty-nine locations and certain deposit accounts and loans associated with those locations. Today, Arvest announces that this acquisition is set to close at the end of business on March 22, 2013, with the vast majority of impacted branches to open on Monday, March 25, as Arvest Bank branches. All acquired locations are within or near existing Arvest markets.
The purchase has received regulatory approvals, and will close on March 22, 2013. Arvest will take ownership of eighteen Bank of America branch locations, as well as lease obligations for eleven other branch locations. They will also gain most deposit accounts such as checking, savings, IRAs and CDs belonging to consumer and small business customers who live in the local area and are serviced at these locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.
Bank of America locations included in this agreement in Arkansas include Harrison, Hot Springs, Hot Springs Village, Mountain Home and Russellville; communities in Missouri include Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains; communities in Oklahoma include Muskogee and Tahlequah; and in Kansas the community included is Pittsburg.
Arvest considers the addition of these branches and customer relationships within its existing footprint a strong indicator of the bank’s commitment to community banking. Arvest Bank expects many Bank of America employees to transition to the company.