FAYETTEVILLE, Ark., Aug. 6 /PRNewswire/ -- Arvest Bank announced today it has entered into an agreement with Harrington West Financial Group, Inc. , the holding company for Los Padres Bank, FSB (LPB), to purchase its Kansas City banking operations, operating as Harrington Bank.
"We are excited to enter the Kansas City market with this acquisition and look forward to growing and expanding there for years to come," said Kevin Sabin, Arvest President and Chief Operating Officer. "We are pleased to be entering this market and believe Harrington Bank is an excellent opportunity."
The purchase is subject to receiving regulatory approvals, which are expected within 90 days. Under the agreement, Arvest will purchase certain assets, including two branch locations and approximately $95 million in loans while assuming all of the deposits in the market (approximately $93 million) and lease obligations for Harrington Bank's primary location at 6300 Nall in Mission, Kansas. The transaction, which does not include the investment management and trust business of Harrington Wealth Management Company, is expected to close in the fourth quarter of 2009 after appropriate regulatory approvals are received.
"On behalf of Arvest I would like to welcome the customers of Harrington Bank and assure them we will be working to provide a seamless transition by the end of this year," Sabin said. "Customers do not need to do anything at this time to affect the change. They should continue to use their checks, debit cards and other products just as before."
"This acquisition should prove to be very positive for Harrington Bank customers, Arvest is committed to customer service, innovative banking products and a banking philosophy that emphasizes convenience for the customer," said Mark Larrabee, Harrington Bank Market President. Arvest currently offers 12-hour weekday banking in most of its branches throughout Missouri, Arkansas, Oklahoma and Kansas.
About Arvest Bank
Arvest Bank operates more than 220 bank branches in Arkansas, Oklahoma, Missouri and Kansas. A network of 16 locally managed banks, each with its own management team and board of directors, serves customers in over 90 communities. Most banking locations offer 12-hour weekday banking.
Quick Facts
Arvest Bank believes in customer-focused banking - providing customers since 1961 with the personal and business services they need to reach their financial goals. Arvest Bank currently operates more than 220 bank branches and over 300 ATMs in Arkansas, Oklahoma, Missouri and Kansas.
Arvest Bank had approximately $10.7 billion in assets as of 6/30/09.
A network of 16 locally managed community banks, each with its own management team and local board - serving over 90 communities.
Most Arvest Bank markets offer 12-hour weekday banking at most of their locations as well as a full compliment of online banking services.
Arvest Bank supports hundreds of community causes in our markets both financially and with time investment through leadership and volunteerism.
Arvest Bank did not need and did not apply for funds through the Troubled Assets Relief Program (TARP), exhibiting our ability to remain strong during these difficult times.
Arvest Bank participates in the FDIC's Transaction Account Guarantee Program which provides unlimited FDIC deposit insurance coverage to non-interest checking accounts so that deposit customers have access to the full FDIC coverage.
Arvest Bank offers a wide range of financial products and services including loans, deposits, credit cards, trust, brokerage, life insurance, mortgage loans, servicing of mortgage loans and electronic banking.
Ranked Highest in 2009 Customer Satisfaction with Retail Banking in the Southeast Region by J.D. Power and Associates, find more info at https://www.arvest.com/jdpower
Helpful Arvest Websites: Arvest Bank site - http://www.arvest.com/ Blog - http://www.arvestblog.com/ Twitter - http://www.twitter.com/arvestbank
Arvest Bank
CONTACT: Jason Kincy of Arvest Bank, +1-479-366-9287, jkincy@arvest.com
Web Site: https://www.arvest.com/
http://www.arvestblog.com/
http://www.twitter.com/arvestbank
