NORMAN — Arvest Bank announced late last week that it has entered into an agreement with Bank of America Corporation (NYSE: BAC), to purchase 29 banking locations and the deposit accounts and certain loans associated with those locations.
The locations being acquired are all within or close to existing Arvest markets.
The purchase is subject to receiving regulatory approvals, which are expected in the first quarter of 2013. Under the agreement, Arvest will purchase certain assets, including eighteen branch locations owned by Bank of America, most deposit accounts such as checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area and are conveniently serviced at these locations, as well as lease obligations for eleven other branch locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.
Arvest considers the purchase of branches and customer accounts within its existing footprint a strong indicator of the bank’s commitment to community banking. In addition to growing the number of branches in Arvest’s existing footprint, this transaction will establish Arvest in twelve new communities close to existing markets. Each of these new locations will join one of Arvest’s locally-managed community markets once regulatory approvals are finalized and the transition is completed.
Bank of America locations involved 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; Arvest Bank to acquire 29 banking locations communities in Oklahoma include Muskogee and Tahlequah; and in Kansas the community included is Pittsburg.
Of the twenty-two communities involved, eighteen currently have one Bank of America location.
In the other four communities — Hot Springs, Russellville, Tahlequah and Muskogee – there are multiple locations being acquired.
Arvest Bank is working closely with Bank of America to ensure a seamless transition for both customers and employees. Once the transaction is complete, Arvest Bank expects many Bank of America employees to transition to the company and keep their current positions.
Bank of America customers whose accounts are assigned to these specific branch locations do not need to do anything at this time.
They should continue to use their current Bank of America checks, debit cards and other products and services until they are contacted by Bank of America and then subsequently by Arvest Bank after the transaction is approved.