Customers should continue to use their Bank of America checks, debit cards and other products and services until they are contacted by Bank of America and then subsequently by Arvest Bank after the transaction is approved.
Arvest said it expects many Bank of America employees to keep their current positions after the deal closes.
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Arkansas-based Arvest Bank is the fourth-largest bank in Oklahoma, controlling about 5.4 percent of all state deposits, according to the latest market share data compiled by the Federal Deposit Insurance Corp.
Arvest Bank operates more than 240 bank branches in Arkansas, Kansas, Missouri and Oklahoma.
Bank of America holds about 4.5 percent of Oklahoma deposits, making it the state's sixth-largest bank, according to FDIC statistics.