Arvest sets closing date for B of A branches

Having received the necessary regulatory approvals, Fayetteville, Ark.-based Arvest Bank has scheduled a March 22 closing date on its acquisition of 29 Bank of America branches, including 15 in Missouri.

The banks are slated to open as Arvest branches March 25, according to a news release.

Arvest Bank of Springfield is picking up six new locations through the deal, three in the Branson area and three in the new markets of Lebanon, Aurora and Mountain Grove, bank officials said.

“As we work to finalize the acquisition of these locations, Arvest’s focus remains on our commitment to meeting the financial service needs of both individual customers and companies in the communities we serve," said Rodney Shepard, president of Arvest Bank of Springfield, in the release. "We are excited to expand our market area as well as our presence in the Branson area and assure these customers that we will make their move to Arvest a smooth transition.”

Other Missouri branches acquired are in Branson West, Carthage, Cassville, Forsyth, Joplin, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains. The company also agreed to purchase nine branches in Arkansas, four in Oklahoma and one in Pittsburg, Kan.

The total deal represents $750 million in deposits, Shepard said in December, noting Bank of America owns 18 of the branches and Arvest would pick up the leases of 11 locations.

Financial terms of the acquisition were not disclosed.

Shares of Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) were trading as of 11:23 a.m. at $12.27, near the stock's 52-week high of $12.42.