Arvest Bank said Monday that the agreement to buy 29 locations from Bank of America has received regulatory approval.
All acquired locations are within or near existing Arvest markets including two new locations in Russellville, Ark.
In addition to the locations, Arvest will also gain most deposit accounts such as checking, savings, IRAs and CDs belonging to consumer and small business customers who live in the local area and are serviced at these locations. The transaction does not include credit card, mortgage, brokerage or trust accounts.
In Arkansas, the Russellville market will add two branches to the three existing Arvest locations. Also in Arkansas, Hot Springs and Hot Springs Village are the most affected communities in Arkansas, where five branches are being acquired. Four of these branches will remain open for a total of seven Arvest branches in this community.
Mountain Home and Harrison are each adding one branch location. Fifteen branches in Missouri, four in Oklahoma and one in Kansas are also included in the agreement.
Arvest Bank operates more than 240 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team.