Arvest Bank of Fayetteville announced Monday that it has closed on its purchase of 29 bank branches in four states, including Arkansas, from Bank of America Corp.
The company, which announced the deal in December, received regulatory approval for the purchase on Feb. 18. At the time, it projected that “the vast majority” of acquired branches would open on March 25 as Arvest Bank branches.
All of the new branches are within or near existing Arvest markets, the company said. Per the deal, Arvest will take ownership of 18 branch locations, as well as lease obligations for 11 other branch locations.
The purchase includes “most deposit accounts and loans” associated with the branches, but does not include credit card, mortgage, brokage or trust accounts. Officials with Arvest, the state’s largest bank when ranked by deposits, have declined to reveal the price tag of the pending transaction. The deal was announced a year after Bank of America vowed to cut $5 billion in costs per year by 2014, cut 30,000 jobs and shed 750 bank branches. Click here to read the full story from our partners at ArkansasBusiness.com.