By Andy Ostmeyer
CARTHAGE, Mo. —
Arvest Bank will buy 29 Bank of America locations in the Four-State Area, including a number of them in Southwest Missouri and Southeast Kansas.
Bank of America locations that are part of the deal include the one at 402 S. Range Line Road in Joplin, as well as those in Carthage, Neosho, Lockwood, Monett, Nevada, Aurora, Cassville, Shell Knob, and Pittsburg, Kan.
“We are hoping for a seamless transition,” Doug Doll, president of the Joplin region for Arvest, said Friday. Many of those locations will be part of the Joplin region.
In all, Doll said the 29 locations have about $750 million in deposits and represent about 65,000 customers.
Doll said the acquistion needs regulatory approval from the Federal Reserve and from bank regulators in Arkansas, where Arvest is based.
“We anticipate approval of that in the first quarter of next year,” he said. “Once the conversion is complete, those accounts will be Arvest accounts.”
He said they will work to get new Arvest checkbooks, debit, ATM cards and other products to those Bank of America customers. They also will be evaluating hours and other services at those banks. Doll said customers may find longer lobby and drive-up hours.
Doll also said teams of Arvest executives are visiting the Bank of America locations to meet with employees.
“We are still evaluating whether we need every one of these locations,” he said Friday. “But I will say across the 29, it fits our footprint almost perfectly.”
For example, he said Arvest did not have a Range Line location other than the one at the Wal-Mart Super Center at 15th Street, and has wanted a location near Northpark Mall.
He also noted that Arvest did not have a bank in Pittsburg, Kan.
Bank of America customers whose accounts are assigned to these specific branch locations do not need to do anything at this time, Arvest Bank said in a statement. “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.”
While the deal will include checking and savings accounts, IRAs and CDs belonging to households and small business customers, it does not include Bank of America credit card, mortgage, brokerage or trust accounts.