Joplin-based Arvest Bank has entered into an agreement with Bank of America Corporation to purchase 29 banking locations and most deposit accounts and loans associated with those locations. Included are branches in Monett, Cassville, Shell Knob and Aurora.
The locations being acquired are all within or close to existing Arvest markets.
This agreement includes fifteen branches in Missouri and nine branches in Arkansas, four in Oklahoma and one in Pittsburg, Kan.
Under the agreement, Arvest will purchase certain assets, including 18 branch locations owned by Bank of America. Most deposit accounts are covered, such as checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area and are serviced at these locations.
Lease obligations for 11 other branch locations are included. The transaction does not include credit card, mortgage, brokerage or trust accounts.
The purchase is subject to receiving regulatory approvals, which are expected in the first quarter of 2013.
"We would like to welcome these new Bank of America customers into the Arvest family," said Doug Doll, president of Arvest Bank in Joplin. "We are ready to show our commitment to individuals and companies in these local communities and demonstrate that we are here to meet their financial needs.
"I want to assure all of these Bank of America customers that over the next few months, we will be working to provide a smooth transition for them," Doll continued. "We are excited to bring our customer focused style of banking to these new communities in Missouri and adding to our existing branch network in five other communities in the state."
Arvest considers the purchase of branches and customer relationships within its existing footprint a strong indicator of the bank's commitment to community banking. Each of these new locations will join one of Arvest's nearby locally managed community markets once regulatory approvals are received and the transition is complete.
Many of Bank of America employees are expected to transition to Arvest Bank and keep their current positions.
An Arvest Bank statement said current Bank of America customers whose accounts at affected branch locations do not need to do anything at this time. Customers can 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 after the transaction is approved.
Arvest Bank operates more than 240 bank branches in 90 communities 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 with 12-hour weekday banking at most locations.