Arvest expands Kansas City-area holdings

Arvest Bank completed its second purchase of banks in the Kansas City area in as many months after acquiring the assets of Overland Park, Kan.-based SolutionsBank on Friday.

Arkansas-based Arvest entered into a purchase and assumption agreement with the Federal Deposit Insurance Corp. as receiver for SolutionsBank, which was closed by the Office of the State Bank Commissioner of the State of Kansas after the close of business Friday, according to a news release.

SolutionsBank's six branches reopened Saturday as Arvest Bank locations, and customers were told to continue banking at their normal branches until Arvest fully integrates the SolutionsBank holdings into the Arvest system.

"We are pleased to welcome SolutionsBank customers to the Arvest Bank family and want to assure all customers of SolutionsBank that all of their deposits are safe and accessible and that they will have the best financial products and services at their disposal," Arvest Bank Kansas City President Mark Larrabee said in the release.

The bank had total assets of $511 million as of Sept. 30, and total deposits of $421 million, according to FDIC information. As of June 30, SolutionsBank was the 21st-largest bank based in the Kansas City metropolitan statistical area.

Arvest completed the acquisition of three branches of Harrington Bank in November and opened a Kansas City office to head that market at about the same time, according to previous SBJ coverage. The bank has more than 220 branches in Arkansas, Oklahoma, Missouri and Kansas, including three in the Springfield metro area, with assets of $10.1 billion as of Sept. 30.