Local Arvest Bank president to exit market

Photo provided by Arvest Bank

Brad Crain is scheduled to start at his new role in Arkansas this month.

Brad Crain, president of Arvest Bank in Springfield, is leaving the market after accepting a new role within the company.

Crain is slated to become president and CEO for Arvest in Benton County, Arkansas, on Jan. 27, according to a news release. A search for Crain’s successor is underway.

Crain said via email the new job represents a promotion, as Benton County is Arvest’s largest of 14 banking operations.

“This has been a bittersweet few weeks for me,” Crain said in the release. “While I am honored and humbled to be given the opportunity to return to Benton County, where my family has roots, it is hard to leave Springfield.

“My family and I made many wonderful connections here, and it truly has been a privilege to serve our customers and the communities in this area.”

Arvest’s Springfield president since May 2014, Crain led the local banking operation to more than double its deposit market share in the five-county metropolitan statistical area when the Lowell, Arkansas-based company purchased Bear State Financial Inc. (Nasdaq: BSF) in 2018.

Arvest-Springfield ranked No. 13 on Springfield Business Journal’s 2019 list of the area’s largest banks and savings banks. Its Springfield MSA deposits were $286.7 million as of June 30, 2019.

In Benton County, Crain succeeds Craig Rivaldo, who was named a regional executive for Arvest, according to the release.