Top 100 US retail lender, Arvest Bank, has received regulatory approval to purchase 29 Bank of America (BofA) branches in Missouri, Arkansas, Kansas and Oklahoma.
According to Arvest, the acquired BofA branches will close in March 2013 and then reopen under the Arvest banner.
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Under the agreement, Arvest will purchase 18 BofA branch locations, as well as lease obligations for 11 others.
Arvest will also gain most deposit accounts belonging to consumer and small business customers.
The deal does not include credit card, mortgage, brokerage or trust accounts.
Arvest said: "We consider the addition of these branches and customer relationships within its existing footprint a strong indicator of the bank’s commitment to community banking.
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By GlobalData"We also expect many Bank of America employees to transition to Arvest and keep their positions."
Arvest 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.
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