The Joplin Globe, Joplin, MO

Business

March 25, 2013

Arvest completes Bank of America deal for locations in Joplin, Pittsburg

— Arvest Bank announced today that it has completed its acquisition of 29 Bank of America branches, including some in Southwest Missouri and one in Southest Kansas.

Arvest entered into an agreement with Bank of America in December 2012 and said it has now taken ownership of eighteen Bank of America branch locations, as well as lease obligations for eleven other branch sites.

Included in the deal are Bank of America locations at 402 S. Range Line Road in Joplin, as well as those in Carthage, Neosho, Lockwood, Monett, Nevada and Pittsburg, Kan. Arvest did not have a Range Line location other than the one at the Wal-Mart Supercenter at 15th Street. Arvest also did not have a Pittsburg, Kan., site.

The Bank of America location acquired in Neosho will close and relocate one-half mile to the Arvest Bank at 739 Harmony St.

Those seven locations will become part of Arvest’s Joplin region, according to Doug Doll, president and chief executive officer of Arvest Bank in the Joplin region.

Other Southwest Missouri Bank of America locations that were sold are in Aurora, Cassville and Shell Knob.

The remaining banks sold range from Branson east to Mountain Grove and West Plains, banks in Muskogee and Tahlequah in Oklahoma, and in several locations in Arkansas.

In all, Doll said, the 29 locations have about $750 million in deposits and represent about 65,000 customers.

As part of the deal, Arvest has taken ownership of the deposit accounts such as checking, savings, IRAs and CDs belonging to households and small business customers. The transaction does not include credit card, mortgage, brokerage or trust accounts.

The deal required approval from the Federal Reserve Board and from bank regulators in Arkansas, where Arvest is based.

Arvest Bank operates more than 260 bank branches in Arkansas, Oklahoma, Missouri and Kansas.

 

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