LITTLE ROCK — Arvest Bank announced Thursday it has entered into an agreement to purchase 29 Bank of America locations in four states, including nine in Arkansas.
The purchase, of locations all within or close to existing Arvest markets, is subject to regulatory approval. The deal is expected to be finalized in the first quarter of 2013, the company said.
Under the agreement, Arvest will purchase certain assets, including 18 branch locations owned by Bank of America, most deposit accounts such as checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area and are serviced at these locations, as well as lease obligations for 11 other branch locations.
The transaction does not include credit card, mortgage, brokerage or trust accounts.
Arkansas locations in the deal include four at Hot Springs, two in Russellville and one each in Harrison, Hot Springs Village and Mountain Home.
Additionally, the purchase involves 15 branches in Missouri, four in Oklahoma and one in Kansas.
"This acquisition of these locations demonstrates Arvest’s commitment to meet the financial service needs of individuals and companies in Arkansas communities," John Womack, chairman and CEO of Arvest Bank in Little Rock, said in a release. "We are very excited to welcome these Bank of America customers and assure them we will be working hard over the next few months to provide a seamless transition to Arvest Bank."
Arvest said it expects many Bank of America employees to transition to the company and keep their current positions.
Bentonville-based Arvest Bank operates more than 240 bank branches in Arkansas, Oklahoma, Missouri and Kansas.
Arkansas News Bureau business columnist Roby Brock contributed to this report.