News release issued by Arvest Bank:
Joplin, Mo. - Arvest Bank announced today it has entered into an agreement with Bank of America Corporation (NYSE: BAC), to purchase twenty-nine 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.
The purchase is subject to receiving regulatory approvals, which are expected in the first quarter of 2013. Under the agreement, Arvest will purchase certain assets, including eighteen 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 fifteen branches in Missouri in the following communities: Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains. Additionally, there are nine branches in Arkansas, four in Oklahoma and one in Pittsburg, Kansas.
Doug Doll, president of Arvest Bank in Joplin said, "We would like to welcome these new Bank of America customers into the Arvest family. We are ready to show our commitment to individuals and companies in these local communities and demonstrate that we are here to meet their financial needs. I want to assure all of these Bank of America customers that over the next few months, we will be working to provide a smooth transition for them. We are excited to bring our customer focused style of banking to these new communities in Missouri and adding to our existing branch network in five other communities in the state."
Arvest considers the purchase of branches and customer relationships within its existing footprint a strong indicator of the bank's commitment to community banking. Each of these new locations will join one of Arvest's nearby locally managed community markets once regulatory approvals are received and the transition is complete.
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.
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