Arvest to acquire 29 Bank of America branches, nine in-state
LITTLE ROCK (Arkansas News Bureau) -- 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.
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