Arvest to buy 29 Bank of America branches

Arkansas-based Arvest Bank has entered an agreement to acquire 29 Bank of America branches, including 15 in Missouri.

The acquisition, subject to regulatory approvals, is expected to close in the first quarter of 2013. The purchase, the price of which is undisclosed, includes most deposit accounts and loans associated with the branches, according to a news release.

The Missouri branches are in Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, 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.

Rodney Shepard, president of Arvest Bank in Springfield, said 18 of the locations are owned by Bank of America, and Arvest will pick up the leases of the 11 other locations.

"We're not only excited, but looking forward to the opportunity to move into the communities where we don't have locations," Shepard said.

Through the acquisition, Arvest will move into 10 new communities in Missouri and add to existing networks in five other communities in the state.

The release said many Bank of America employees at the affected locations will be retained through the transition.

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) operates seven Bank of America branches in Springfield. The company recorded $6.2 billion in net income in the third quarter, a 185 percent increase compared to a net loss of $7.3 billion in the same quarter last year. The company is scheduled to report its fourth-quarter results Jan. 17, according to a separate news release.

Bank of America's shares were trading at $10.54 as of 4:07 p.m., compared to a 52-week range of $4.92 to $10.71.