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Springfield, Mo. (February 18, 2013) – 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. The Arvest purchase of these locations has received regulatory approvals, and will close on March 22, 2013, with the vast majority of affected locations branches to open on Monday, March 25, as Arvest Bank branches. All acquired locations are within or near existing Arvest markets including fifteen locations in Missouri.
In addition to the locations, Arvest 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.
Arvest Bank of Springfield will add six new locations – three in the Branson area and three in market areas new to the bank – Lebanon, Aurora and Mountain Grove.
In Branson, Arvest will close its current location in the Branson Landing development at the close of business on Friday, March 22 and all customers of that branch will be transferred to the larger, newly acquired Bank of America facility being acquired which is less than one mile away and includes drive thru-lanes and dedicated parking.
Rodney Shepard, president of Arvest Bank of Springfield said, “As we work to finalize the acquisition of these locations, Arvest’s focus remains on our commitment to meeting the financial service needs of both individual customers and companies in the communities we serve. We are excited to expand our market area as well as our presence in the Branson area and assure these customers that we will make their move to Arvest a smooth transition.”
Arvest Bank operates more than 240 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team. These banks serve customers in 90 communities with 12-hour weekday banking at most locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, asset and wealth management, life insurance, credit cards, mortgage loans and mortgage servicing. Arvest operates a mortgage company, asset management company, insurance division and mortgage servicing company. Arvest is an equal housing lender and member FDIC.
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