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Arvest receives regulatory approval to acquire 29 BofA branches

Arvest Bank has received regulatory approval to purchase 29 Bank of America (BofA) branches in four states, including Missouri, Arkansas, Kansas and Oklahoma, for an undisclosed sum.

The four branches in Oklahoma are in Muskogee and Tahlequah and the rest includes 15 branches in Missouri, nine in Arkansas and one in Kansas.

The 15 branches in Missouri are located in Aurora, Branson, Branson West, Carthage, Cassville, Forsyth, Joplin, Lebanon, Lockwood, Monett, Mountain Grove, Neosho, Nevada, Shell Knob and West Plains.

Following the completion of the acquisition, which was originally inked in December 2012, the acquired branches will be rebranded as Arvest Bank.

Excluding credit card, mortgage, brokerage or trust accounts; the acquisition will provide $750m in deposits and over 65,000 customers.

Arvest Bank manages more than 240 bank offices in Arkansas, Oklahoma, Missouri and Kansas through a group of 16 locally managed banks, each having its own board of directors and management team.

BofA serves nearly 55 million consumer and small business relationships with almost 5,500 retail banking offices and about 16,300 ATMs and also has 30 million online banking active users, according to bank’s data as of November 2012.