Arvest Bank

Arvest Bank is a bank headquartered in Bentonville, Arkansas, with branches in Arkansas, Kansas, Oklahoma, and Missouri. It is the largest and oldest bank in Arkansas and is on the list of largest banks in the United States. It is almost entirely owned by the Walton family.[3]

Arvest Bank
TypePrivately held company
IndustryFinancial services
FoundedJanuary 1, 1871 (1871-01-01)
HeadquartersBentonville, Arkansas
Key people
Jim Walton, Chairman
$0.188 billion (2018)
Total assets $18.445 billion (2018)
Total equity $2.095 billion (2018)
OwnerWalton family
Number of employees
6,324 (2018)
Websitewww.arvest.com
Footnotes / references
[1][2]

In addition to banking, Arvest provides financial services including loans, deposits, treasury management, asset management, wealth management, life insurance, credit cards, title insurance, mortgage loans, and mortgage servicing.

Company history

Arvest's charter dates back to McIlroy Bank & Trust, founded in 1871.[1]

In 1961, The Bank of Bentonville of Bentonville, Arkansas was acquired.[4]

In 1963, the Bank of Pea Ridge of Pea Ridge, Arkansas was acquired.[4]

In 1975, another bank was acquired in the neighboring town of Rogers, Arkansas.[4]

In 1984, the bank acquired First National Bank of Siloam Springs of Siloam Springs, Arkansas.[4]

In 1986, McIlroy Bank & Trust of Fayetteville, Arkansas was acquired.[4]

In 1987, the bank acquired a 50% interest in Security National Bank of Norman based in Norman, Oklahoma.[4]

In 1989, the bank relocated the charter of Bank of Pea Ridge and started a bank in Springdale, Arkansas.[4]

In 1991, the bank acquired Village South National Bank and State Federal Savings of Tulsa, Oklahoma.[4]

In 1992, the bank acquired Farmers and Merchants Bank of Prairie Grove, Arkansas.[4]

In 1994, the bank acquired WestStar Bank of Bartlesville, Oklahoma.[4]

In 1997, the bank acquired a 50% interest in Oklahoma National Bank in Duncan, Oklahoma.[4]

In 1998, the bank acquired State Bank of Noel, Missouri, the bank's first operations in Missouri. It also branched into Joplin, Missouri and acquired United Bank of Del City, Oklahoma and American National Bank of Shawnee, Oklahoma.[4]

In 1999, the bank acquired the remaining 50% interest in its Oklahoma joint ventures. It also acquired First National Bank of Huntsville based in Huntsville, Arkansas and branched into Fort Smith, Arkansas.[4]

In 2000, the bank acquired Central Bank and Trust of Little Rock, Arkansas.[4]

In 2003, the bank acquired Bank of Yellville based in Yellville, Arkansas and Superior Federal.[4]

In 2007, the bank acquired Caney Valley National Bank of Caney, Kansas.[4]

During the financial crisis of 2007-2008, the bank declined funds from the Troubled Asset Relief Program.[5]

In November 2009, the bank acquired Harrington Bank.[4]

In December 2009, in a transaction organized by the Federal Deposit Insurance Corporation, the bank acquired SolutionsBank of Overland Park, Kansas, which suffered from bank failure. SolutionsBank had 6 branches and assets of $511 million.[6][7]

In June 2012, the bank acquired Union Bank.[8]

In March 2013, the bank acquired 29 branches in Arkansas, Kansas, Missouri and Oklahoma from Bank of America.[9]

In April 2018, the bank acquired Bear State Financial, with 42 branches and $2.2 billion in assets.[10]

Controversies

In June 2010, Blanche Lincoln, a U.S. senator from Arkansas was accused of pushing for an increase to an asset threshold in a financial regulation bill to benefit Arvest. Lincoln stated that she did not want any bank in Arkansas to be affected by the bill.[11][12]

References
  1. "Arvest Bank (FDIC # 8728)". Federal Deposit Insurance Corporation.
  2. "Best Places to Work 2018: Arvest Bank". American City Business Journals. October 12, 2018.
  3. "Arvest Bank is an Arkansas Bank Majority-owned by the family of Walmart Inc Founder Sam Walton". Reuters. April 2, 2018.
  4. "Arvest History". Arvest Bank.
  5. Wagner, Matt (April 6, 2009). "Bailout conditions disturb large banks, validate locals who passed on the money". Springfield Business Journal.
  6. "Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas" (Press release). Federal Deposit Insurance Corporation. December 11, 2009.
  7. "Arvest Bank buys six SolutionsBank branches after shutdown by FDIC". American City Business Journals. December 11, 2009.
  8. "Arvest Bank closes on Union Bank acquisition". American City Business Journals. June 25, 2012.
  9. Hoffmeyer, Rachel (March 25, 2013). "Arvest Bank acquires 29 Bank of America branches including 9 in AR". KATV.
  10. "Arvest completes acquisition of Bear State Bank". KTLO. April 20, 2018.
  11. Weisenthal, Joe (June 23, 2010). "Busted: Sen. Blanche Lincoln Caught Looking For Special Favor For Bank Owned By The Wal-Mart Family". Business Insider.
  12. Paletta, Damian (June 23, 2010). "Lincoln Intervenes for Arkansas Bank". The Wall Street Journal.
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