Arvest to buy four Bank of America locations in Oklahoma
Offices in Muskogee and Tahlequah would become Arvest Bank branches under deal.
Arvest Bank has agreed to buy 29 banking locations, including four in Oklahoma, from Bank of America.
The Oklahoma branches affected in the transaction include two offices in Muskogee, and an office and a drive-up location in Tahlequah, Arvest spokesman Jason Kincy said.
Background
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.
The purchase also includes 15 offices in Missouri, nine in Arkansas and one in Kansas, Kincy said.
Those Bank of America offices serve more than 65,000 households, with customer deposit accounts of about $750 million, Kincy said.
The amount of the deal, which is subject to regulatory approval, was not immediately disclosed.
The purchase includes the locations, most deposit accounts and lease obligations for some of the branches, Arvest said.
Bank of America customers whose accounts are assigned to these specific branch locations do not need to do anything at this time, Arvest said.
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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