Arvest Bank, based in Fayetteville, said Friday that it will sell 16 branches to four Arkansas banks and one in Oklahoma, pending regulatory approval. Terms of the sales were not disclosed.
The banks purchasing the 16 Arvest branches are Cross County Bank of Wynne; Farmers Bank & Trust Co. of Magnolia; FNBC Bank in Ash Flat; Generations Bank, based in Rogers; and RCB Bank, based in Claremore, Okla.
Nine of the 16 branches are in Arkansas communities.
Two branches in Northeast Arkansas -- in Monette and Manila -- are being sold to Cross County Bank. At closing, which is expected at the end of the year, Cross County Bank will have assets of $375 million and 10 banking branches, Arvest said.
Farmers Bank and Trust Co. is set to buy Arvest branches in Ashdown, De Queen, Dierks, Glenwood, Mount Ida, Nashville, Paris, Broken Bow, Okla., and Idabel, Okla. Arvest said the sale is expected to close in the first quarter of next year. At close, Farmers Bank & Trust will have total assets of about $2.3 billion and 32 branch bank locations in Arkansas, Texas and Oklahoma, Arvest said.
Branches in two Missouri communities -- in West Plains and Mountain Grove -- will be sold to FNBC Bank. These two locations will be FNBC's first branches outside Arkansas, according to Arvest. The sale is expected to close early next year, with FNBC having total assets of about $700 million and 13 branches in north central Arkansas, Northeast Arkansas and southeast Missouri.
Generations Bank will buy Arvest's branch in Kimberling City, Mo. When the sale closes, likely early next year, Generations will have assets of about $740 million and 11 branches in south Arkansas, Northwest Arkansas and southwest Missouri, Arvest said.
RCB Bank, according to Arvest, will buy branches and automated teller sites in Caney, Kansas, and Vinita, Okla. When the sales close, likely early next year, RCB Bank will have assets of about $4.2 billion and 65 branches in 36 cities in Oklahoma and Kansas, Arvest said.
In a separate statement, Arvest said it "has been analyzing and considering adjustments" to its branch network since March "in response to ongoing changes in consumer preferences and behavior."
"Increased customer demand for advanced digital banking services leads us toward providing a balanced mix of enhanced digital and physical banking options," Arvest said. "As a result, we have made the decision to sell a limited number of our branches. The purchasers are strong and community-focused organizations and we are committed to working with them to ensure a successful and beneficial transition for customers, associates and the communities."
According to its website, Arvest has more than 230 branches that are part of 14 locally managed banks in more than 130 communities. Arvest's total assets now exceed $26 billion.