|Updated: 12/13/2012 3:48 pm
||Published: 12/13/2012 3:47 pm
Arvest Bank announced it entered an agreement with Bank of America Corporation to purchase 29 banking locations and most deposit accounts and loans associated with those locations.
The locations being acquired are all within or close to existing Arvest markets. Arvest officials say the purchase still has to receive regulatory approvals, which are expected in the first quarter of 2013.
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 conveniently serviced at these locations, as well as lease obligations for eleven other branch locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.
This agreement includes four branches in Oklahoma, with two in Muskogee and two in Tahlequah. Additionally, the deal involves fifteen branches in Missouri, nine branches in Arkansas, and one in Kansas.
Don Walker, president of Arvest Bank in Tulsa said, "We are very excited to welcome these Bank of America customers and assure them we will be working to provide a seamless transition to Arvest. This acquisition of these locations demonstrates Arvest's commitment to meet the financial service needs of individuals and companies in Oklahoma."
Arvest Bank expects many Bank of America employees to transition to the company and keep their current positions.
Bank of America customers whose accounts are assigned to these specific branch locations do not need to do anything at this time. They should continue to use their current Bank of America checks, debit cards and other products and services until they are contacted by Bank of America and then subsequently by Arvest after the transaction is approved.