Arvest Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1871 |
| Headquarters | Bentonville , United States |
Area served | Arkansas, Kansas, Oklahoma, Missouri |
Key people | Jim Walton (Chairman) |
| Products | Deposit accounts, loans, treasury management, asset management, wealth management, life insurance, credit cards, title insurance, mortgage loans, mortgage servicing |
| Owner | Walton family |
Arvest Bank is a privately owned financial institution headquartered in Bentonville, Arkansas, with branch locations throughout Arkansas, Kansas, Oklahoma, and Missouri. Established in 1871, it holds the distinction of being Arkansas's oldest bank and is counted among the largest banking institutions in the United States. The majority ownership belongs to the Walton family, with Jim Walton acting as chairman. The name "Arvest" is derived from a fusion of "Arkansas" and "Investment."
The bank provides an extensive array of financial products and services, such as deposit accounts, loans, treasury management, asset management, wealth management, life insurance, credit card offerings, title insurance, mortgage loans, and mortgage servicing.
Company history
Arvest's roots go back to McIlroy Bank & Trust, which was founded in 1871.[1] During the 2008 financial crisis, Arvest notably refrained from accepting assistance from the Troubled Asset Relief Program, underscoring its solid financial health.[2]
Acquisitions
In December 2009, Arvest expanded by acquiring SolutionsBank of Overland Park, Kansas, through a transaction arranged by the Federal Deposit Insurance Corporation after SolutionsBank's failure. SolutionsBank operated six branches and held $511 million in assets. The bank further grew in June 2012 with the purchase of Union Bank. By March 2013, Arvest had acquired 29 branches spanning Arkansas, Kansas, Missouri, and Oklahoma from Bank of America. In April 2018, the acquisition of Bear State Financial added 42 branches along with $2.2 billion in assets to Arvest’s portfolio.
Controversies
In June 2010, U.S. Senator Blanche Lincoln was accused of pushing for an increase in asset thresholds within financial regulatory legislation that would favor Arvest; she denied any intent to benefit a particular institution. In March 2014, Dennis Smiley, who served as CEO of Arvest Bank’s Benton County branch, resigned amid an FBI investigation into loan fraud. He was subsequently sentenced in 2016 to 97 months imprisonment for offenses including loan fraud, coercion, and forgery related to bank operations.
External links
References
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedfdic - ↑ Wagner, Matt (April 6, 2009). "Bailout conditions disturb large banks, validate locals who passed on the money". Springfield Business Journal.