Arvest Bank

Arvest Bank
Company typePublic
IndustryFinancial services
FoundedJanuary 1, 1871; 154 years ago (1871-01-01)
HeadquartersBentonville, Arkansas
Key people
Increase $0.188 billion (2018)
Total assetsIncrease $18.445 billion (2018)
Total equityIncrease $2.095 billion (2018)
OwnerWalton family
Number of employees
6,324 (2018)
Websitewww.arvest.com
Footnotes / references
[1][2]

Arvest Bank is a bank headquartered in Bentonville, Arkansas, with branches in Arkansas, Kansas, Oklahoma and Missouri. It is the oldest bank in Arkansas and is on the list of largest banks in the United States. It is almost entirely owned by the Walton family.[3] Jim Walton serves as the chairman.[4] The name "Arvest" is a portmanteau of "Arkansas" and "Investment".

In addition to banking, Arvest provides financial services including loans, deposits, treasury management, asset management, wealth management, life insurance, credit cards, title insurance, mortgage loans and mortgage servicing.

Company history

Arvest's charter dates back to McIlroy Bank & Trust, founded in 1871.[1] During the 2007–2008 financial crisis, the bank declined funds from the Troubled Asset Relief Program.[5]

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.[6][7] In June 2012, the bank acquired Union Bank.[8] In March 2013, the bank acquired 29 branches in Arkansas, Kansas, Missouri and Oklahoma from Bank of America.[9] In April 2018, the bank acquired Bear State Financial, with 42 branches and $2.2 billion in assets.[10]

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.[11][12]

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.[13] In 2016, he was sentenced to 97 months for obtaining loans wrongfully, coercing subordinates and forging family members' signatures.[14]

References

  1. ^ a b "Arvest Bank (FDIC # 8728)". Federal Deposit Insurance Corporation.
  2. ^ "Best Places to Work 2018: Arvest Bank". American City Business Journals. October 12, 2018.
  3. ^ "Arvest Bank is an Arkansas Bank Majority-owned by the family of Walmart Inc Founder Sam Walton". Reuters. April 2, 2018. Archived from the original on May 4, 2019.
  4. ^ "Jim Walton & family". Forbes. Retrieved 2023-10-09.
  5. ^ Wagner, Matt (April 6, 2009). "Bailout conditions disturb large banks, validate locals who passed on the money". Springfield Business Journal.
  6. ^ "Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas" (Press release). Federal Deposit Insurance Corporation. December 11, 2009.
  7. ^ "Arvest Bank buys six SolutionsBank branches after shutdown by FDIC". American City Business Journals. December 11, 2009.
  8. ^ "Arvest Bank closes on Union Bank acquisition". American City Business Journals. June 25, 2012.
  9. ^ Hoffmeyer, Rachel (March 25, 2013). "Arvest Bank acquires 29 Bank of America branches including 9 in AR". KATV.
  10. ^ "Arvest completes acquisition of Bear State Bank". KTLO. April 20, 2018.
  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; Wednesday, Gwen Moritz; Apr. 2; Read, 2014 12:01 Am 3 Min. "Former Arvest Officer Dennis Smiley Under Investigation for Loan Fraud". Arkansas Business. Retrieved 2023-10-09.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ Souza, Kim (2016-01-28). "Dennis Smiley sentenced to 97 months for bank fraud". Talk Business & Politics. Retrieved 2023-10-09.