Arvest Bank has received approval from regulators to purchase 29 Bank of America branches across four states and plans to rebrand the branches in March.
The Arkansas-based bank announced late last year that it had entered an agreement to buy 29 branches, 15 of which are in Missouri, and some deposit accounts and loans from North Carolina-based Bank of America in Missouri, Oklahoma, Kansas and Arkansas. The acquisition is valued at $750 million in deposits and represents more than 65,000 customer households, MENAFN.com reports.
Arvest, which was founded by Sam Walton, the founder of Walmart, said that it plans to close on the acquisition on March 22 before re-opening the acquired branches as Arvest Bank branches on March 25.
“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 said, according to MENAFN.com. “Arvest Bank expects many Bank of America employees to transition to the company.”
Of Arvest’s 230 branches, many are open 12 hours per day on weekdays, and many are also open on Saturdays. The largest banking organization in Arkansas, Arvest also has more locations than any other company in Oklahoma. The bank is chaired by James Carr Walton, the youngest son of Sam Walton, the Nevada Daily Mail & Herald-Tribune reports.
The deal includes checking and savings accounts, certificates of deposit and individual retirement accounts but excludes Bank of America trust, mortgage and brokerage accounts, according to The Joplin Globe.