Arvest Bank

Company history

Arvest's charter dates back to McIlroy Bank & Trust, founded in 1871.

Acquisitions

In December 2009, in a transaction organized by the Federal Deposit Insurance Corporation, the bank acquired SolutionsBank of Overland Park, Kansas, which suffered from bank failure. SolutionsBank had six branches and assets of $511 million. In June 2012, the bank acquired Union Bank. In March 2013, the bank acquired 29 branches in Arkansas, Kansas, Missouri and Oklahoma from Bank of America. In April 2018, the bank acquired Bear State Financial, with 42 branches and $2.2 billion in assets.

Controversies

In June 2010, Blanche Lincoln, a U.S. senator from Arkansas, was accused of pushing for an increase to an asset threshold in a financial regulation bill to benefit Arvest. Lincoln stated that she did not want any bank in Arkansas to be affected by the bill.

In March 2014, Dennis Smiley, the CEO of the Benton County Arvest Bank, resigned as he was being investigated by the FBI for loan fraud. In 2016, he was sentenced to 97 months for obtaining loans wrongfully, coercing subordinates and forging family members' signatures.

References

References

1. "Arvest Bank (FDIC # 8728)". [[Federal Deposit Insurance Corporation]].
2. (October 12, 2018). "Best Places to Work 2018: Arvest Bank". [[American City Business Journals]].
3. (April 2, 2018). "Arvest Bank is an Arkansas Bank Majority-owned by the family of Walmart Inc Founder Sam Walton". [[Reuters]].
4. "Jim Walton & family".
5. Wagner, Matt. (April 6, 2009). "Bailout conditions disturb large banks, validate locals who passed on the money". Springfield Business Journal.
6. (December 11, 2009). "Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas". [[Federal Deposit Insurance Corporation]].
7. (December 11, 2009). "Arvest Bank buys six SolutionsBank branches after shutdown by FDIC". [[American City Business Journals]].
8. (June 25, 2012). "Arvest Bank closes on Union Bank acquisition". [[American City Business Journals]].
9. Hoffmeyer, Rachel. (March 25, 2013). "Arvest Bank acquires 29 Bank of America branches including 9 in AR". [[KATV]].
10. (April 20, 2018). "Arvest completes acquisition of Bear State Bank". [[KTLO (AM).
11. Weisenthal, Joe. (June 23, 2010). "Busted: Sen. Blanche Lincoln Caught Looking For Special Favor For Bank Owned By The Wal-Mart Family". [[Business Insider]].
12. Paletta, Damian. (June 23, 2010). "Lincoln Intervenes for Arkansas Bank". [[The Wall Street Journal]].
13. Waldon, George. "Former Arvest Officer Dennis Smiley Under Investigation for Loan Fraud".
14. Souza, Kim. (2016-01-28). "Dennis Smiley sentenced to 97 months for bank fraud".