This morning, 29 former Bank of America branches opened as new locations of Arvest Bank.
Arvest finalized the acquisition of the Bank of America Corp. branches at the close of business March 22, including 15 in Missouri and six under the jurisdiction of Arvest Bank in Springfield, according to a news release.
“Now that the acquisition of these locations is final, Arvest is focused on building relationships with our new customers," Arvest-Springfield President Rodney Shepard said in the release. "We are committed to meeting the financial service needs of these customers, both individuals and businesses, as we make this transition.”
The Springfield-area branches comprise three in the Branson area, as well as three in markets new to the bank - Lebanon, Aurora and Mountain Grove.
With the finalization of the acquisition, Arvest closed its Branson Landing branch March 22, transferring its customer accounts to an acquired Branson branch about a mile away on Veteran’s Boulevard, the release said.
In Missouri, Arvest has taken control of former Bank of America branches in Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains representing more than $350 million in deposits, according to Federal Deposit Insurance Corp. reports. The Arkansas-based company also adds nine branches in Arkansas, three in Oklahoma and one in Kansas.
The total deal represents $750 million in deposits, Shepard said in
December, noting Arvest would take ownership of 18 branches and assume the leases of 11 locations. According to the FDIC, Bank of America’s six locations entering Arvest’s Springfield market held deposits of $147.9 million, as of June 30.
Financials of the acquisition were undisclosed.
Shares of Charlotte, N.C.-based Bank of America Corp.’s (NYSE: BAC) were trading at $12.41 as of 10:30 a.m., compared to a 52-week range of $6.72 to $12.94.[[In-content Ad]]
