TULSA - Arvest Bank announced Thursday it has entered into an agreement with the Bank of America Corporation to purchase 29 banks.
Pending regulatory approvals, the agreement includes the purchase of four branches in Oklahoma – with two in Muskogee and two in Tahlequah – 15 branches in Missouri, nine branches in Arkansas and one in Kansas.
In the announcement, Arvest Bank said it expects many Bank of America employees to transition to the company and keep their current positions.
Additionally, Arvest recommended Bank of America customers at the affected branch locations to continue to use their current Bank of America checks, debit cards and other products and services until notified by Bank of America and then later by Arvest when the purchase, now subject to regulatory approval, is approved.
Under the agreement, Arvest will purchase certain assets, including eighteen branch locations owned by Bank of America, most deposit accounts such as checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area and are conveniently serviced at these locations, as well as lease obligations for eleven other branch locations.
The transaction does not include credit card, mortgage, brokerage or trust accounts, according to the announcement.
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