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 6 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]
Controversiesedit
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]
^Wagner, Matt (April 6, 2009). "Bailout conditions disturb large banks, validate locals who passed on the money". Springfield Business Journal.
^"Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas" (Press release). Federal Deposit Insurance Corporation. December 11, 2009.
^Hoffmeyer, Rachel (March 25, 2013). "Arvest Bank acquires 29 Bank of America branches including 9 in AR". KATV.
^"Arvest completes acquisition of Bear State Bank". KTLO. April 20, 2018.
^Weisenthal, Joe (June 23, 2010). "Busted: Sen. Blanche Lincoln Caught Looking For Special Favor For Bank Owned By The Wal-Mart Family". Business Insider.
^Paletta, Damian (June 23, 2010). "Lincoln Intervenes for Arkansas Bank". The Wall Street Journal.
^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)
^Souza, Kim (2016-01-28). "Dennis Smiley sentenced to 97 months for bank fraud". Talk Business & Politics. Retrieved 2023-10-09.
February 16, 2024
arvest, bank, this, article, contains, content, that, written, like, advertisement, please, help, improve, removing, promotional, content, inappropriate, external, links, adding, encyclopedic, content, written, from, neutral, point, view, march, 2017, learn, w. This article contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view March 2017 Learn how and when to remove this template message 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 Arvest BankPeople helping people find financial solutions for life Company typePublicIndustryFinancial servicesFoundedJanuary 1 1871 153 years ago 1871 01 01 HeadquartersBentonville ArkansasKey peopleJim Walton Chairman Kevin Sabin President Net income 0 188 billion 2018 Total assets 18 445 billion 2018 Total equity 2 095 billion 2018 OwnerWalton familyNumber of employees6 324 2018 Websitewww wbr arvest wbr comFootnotes references 1 2 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 Contents 1 Company history 2 Acquisitions 3 Controversies 4 External links 5 ReferencesCompany history editArvest s charter dates back to McIlroy Bank amp Trust founded in 1871 1 During the financial crisis of 2007 2008 the bank declined funds from the Troubled Asset Relief Program 5 Acquisitions editIn 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 6 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 editIn 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 External links editOfficial website nbsp nbsp Companies portal nbsp Banks portalReferences edit a b Arvest Bank FDIC 8728 Federal Deposit Insurance Corporation Best Places to Work 2018 Arvest Bank American City Business Journals October 12 2018 Arvest Bank is an Arkansas Bank Majority owned by the family of Walmart Inc Founder Sam Walton Reuters April 2 2018 Jim Walton amp family Forbes Retrieved 2023 10 09 Wagner Matt April 6 2009 Bailout conditions disturb large banks validate locals who passed on the money Springfield Business Journal Arvest Bank Fayetteville Arkansas Assumes All of the Deposits of SolutionsBank Overland Park Kansas Press release Federal Deposit Insurance Corporation December 11 2009 Arvest Bank buys six SolutionsBank branches after shutdown by FDIC American City Business Journals December 11 2009 Arvest Bank closes on Union Bank acquisition American City Business Journals June 25 2012 Hoffmeyer Rachel March 25 2013 Arvest Bank acquires 29 Bank of America branches including 9 in AR KATV Arvest completes acquisition of Bear State Bank KTLO April 20 2018 Weisenthal Joe June 23 2010 Busted Sen Blanche Lincoln Caught Looking For Special Favor For Bank Owned By The Wal Mart Family Business Insider Paletta Damian June 23 2010 Lincoln Intervenes for Arkansas Bank The Wall Street Journal 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 a href Template Cite web html title Template Cite web cite web a CS1 maint numeric names authors list link Souza Kim 2016 01 28 Dennis Smiley sentenced to 97 months for bank fraud Talk Business amp Politics Retrieved 2023 10 09 Retrieved from https en wikipedia org w index php title Arvest Bank amp oldid 1193769976, wikipedia, wiki, book, books, library,
