Fayetteville-based Arvest Bank announced Friday that it would sell 16 branches to four banks in Arkansas and one in Oklahoma, pending regulatory approval. Terms of sale were not disclosed.
The banks that buy the 16 Arvest branches are Cross County Bank of Wynne; Farmers Bank & Trust Co. of Magnolia; FNBC Bank at Ash Flat; Generations Bank, based in Rogers; and RCB Bank, based in Claremore, Okla.
Nine of the 16 branches are in Arkansas communities.
Two branches in northeast Arkansas – in Monette and Manila – are sold to Cross County Bank. At the close, which is expected by the end of the year, Cross County Bank will have assets of $ 375 million and 10 bank branches, Arvest said.
Farmers Bank and Trust Co. to purchase Arvest branches in Ashdown, De Queen, Dierks, Glenwood, Mount Ida, Nashville, Paris, Broken Bow, Okla., And Idabel, Okla. Arvest said the sale is expected to close in the first quarter of next year. At closing, Farmers Bank & Trust will have total assets of approximately $ 2.3 billion and 32 bank branches in Arkansas, Texas and Oklahoma, Arvest said.
Branches in two Missouri communities – in West Plains and Mountain Grove – will be sold to FNBC Bank. These two sites will be FNBC’s first branches outside of Arkansas, according to Arvest. The sale is expected to close early next year, with FNBC having total assets of approximately $ 700 million and 13 branches in north central Arkansas, northeast Arkansas and southeast east of Missouri.
Generations Bank will purchase Arvest branch in Kimberling City, Missouri. When the sale closes, likely early next year, Generations will have approximately $ 740 million in assets and 11 branches in South Arkansas, Northwest Arkansas and the southwestern Missouri, Arvest said.
RCB Bank, according to Arvest, will buy branches and ATM sites in Caney, Kansas, and Vinita, Okla. When sales close, likely early next year, RCB Bank will have approximately $ 4.2 billion in assets and 65 branches in 36 cities in Oklahoma and Kansas, Arvest said.
In a separate statement, Arvest said it “has been analyzing and considering adjustments” to its branch network since March “in response to ongoing changes in consumer preferences and behavior.”
âGrowing customer demand for advanced digital banking services is driving us to deliver a balanced mix of enhanced digital and physical banking options,â said Arvest. âAs a result, we made the decision to sell a limited number of our branches. Buyers are strong, community-driven organizations and we are committed to working with them to ensure a successful and beneficial transition for customers, associates and communities. . “
According to its website, Arvest has more than 230 branches which are part of 14 locally managed banks in more than 130 communities. Arvest’s total assets now exceed $ 26 billion.