Arvest Bank
{{Short description|American bank}}
{{Infobox company
| logo = Arvest Bank logo.svg
| logo_size = 150
| name = Arvest Bank
| type = Private
| logo_caption = People helping people find financial solutions for life.
| industry = Financial services
| foundation = {{start date and age|1871|01|01}}
| key_people = {{ubl|Jim Walton (Chairman)|Kevin Sabin (President)}}
| location = Bentonville, Arkansas
| net_income = {{increase}} $0.188 billion (2018)
| assets = {{increase}} $18.445 billion (2018)
| equity = {{increase}} $2.095 billion (2018)
| num_employees = 6,324 (2018)
| owner = Walton family
| homepage = {{URL|https://www.arvest.com/}}
| footnotes = {{cite web |url=https://banks.data.fdic.gov/bankfind-suite/bankfind/details/8728 |title=Arvest Bank (FDIC # 8728) |publisher=Federal Deposit Insurance Corporation}}{{cite news |url=https://www.bizjournals.com/kansascity/news/2018/10/12/best-places-to-work-2018-arvest-bank.html |title=Best Places to Work 2018: Arvest Bank |work=American City Business Journals |date=October 12, 2018}}
}}
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.{{cite web |url=https://uk.reuters.com/article/arvest-bank-is-an-arkansas-bank-majority/arvest-bank-is-an-arkansas-bank-majority-owned-by-the-family-of-walmart-inc-founder-sam-walton-idUKMT1ALTL2N1RF1482 |archive-url=https://web.archive.org/web/20190504160929/https://uk.reuters.com/article/arvest-bank-is-an-arkansas-bank-majority/arvest-bank-is-an-arkansas-bank-majority-owned-by-the-family-of-walmart-inc-founder-sam-walton-idUKMT1ALTL2N1RF1482 |url-status=dead |archive-date=May 4, 2019 |title=Arvest Bank is an Arkansas Bank Majority-owned by the family of Walmart Inc Founder Sam Walton |work=Reuters |date=April 2, 2018}} Jim Walton serves as the chairman.{{Cite web |title=Jim Walton & family |url=https://www.forbes.com/profile/jim-walton/ |access-date=2023-10-09 |website=Forbes |language=en}} 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. During the 2008 financial crisis, the bank did not take funds from the Troubled Asset Relief Program.{{cite news |last=Wagner |first=Matt |date=April 6, 2009 |title=Bailout conditions disturb large banks, validate locals who passed on the money |work=Springfield Business Journal|url=https://sbj.net/stories/bailout-conditions-disturb-large-banks-validate-locals-who-passed-on-the-money,26533}}
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.{{cite press release |url=https://www.fdic.gov/news/news/press/2009/pr09227.html |title=Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas |publisher=Federal Deposit Insurance Corporation |date=December 11, 2009}}{{cite news |url=https://www.bizjournals.com/kansascity/stories/2009/12/14/daily1.html |title=Arvest Bank buys six SolutionsBank branches after shutdown by FDIC |work=American City Business Journals |date=December 11, 2009}} In June 2012, the bank acquired Union Bank.{{cite news |url=https://www.bizjournals.com/kansascity/news/2012/06/25/arvest-bank-converts-union-bank.html |title=Arvest Bank closes on Union Bank acquisition |work=American City Business Journals |date=June 25, 2012}} In March 2013, the bank acquired 29 branches in Arkansas, Kansas, Missouri and Oklahoma from Bank of America.{{cite news |url=https://katv.com/archive/arvest-bank |title=Arvest Bank acquires 29 Bank of America branches including 9 in AR |first=Rachel |last=Hoffmeyer |work=KATV |date=March 25, 2013}} In April 2018, the bank acquired Bear State Financial, with 42 branches and $2.2 billion in assets.{{cite news |url=https://www.ktlo.com/2018/04/20/arvest-completes-acquisition-of-bear-state-bank/ |title=Arvest completes acquisition of Bear State Bank |work=KTLO |date=April 20, 2018}}
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.{{cite news |url=https://www.businessinsider.com/blanche-lincoln-arvest-walton-2010-6 |title=Busted: Sen. Blanche Lincoln Caught Looking For Special Favor For Bank Owned By The Wal-Mart Family |first=Joe |last=Weisenthal |work=Business Insider |date=June 23, 2010}}{{cite news |url=https://www.wsj.com/articles/SB10001424052748704123604575323121011316674? |title=Lincoln Intervenes for Arkansas Bank |first=Damian |last=Paletta |work=The Wall Street Journal |date=June 23, 2010 |url-access=subscription}}
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.{{Cite web |last=Waldon |first=George |last2=Wednesday |first2=Gwen Moritz |last3=Apr. 2 |last4=Read |first4=2014 12:01 Am 3 Min |title=Former Arvest Officer Dennis Smiley Under Investigation for Loan Fraud |url=https://www.arkansasbusiness.com/article/97966/former-arvest-officer-dennis-smiley-under-investigation-for-loan-fraud |access-date=2023-10-09 |website=Arkansas Business |language=en}} In 2016, he was sentenced to 97 months for obtaining loans wrongfully, coercing subordinates and forging family members' signatures.{{Cite web |last=Souza |first=Kim |date=2016-01-28 |title=Dennis Smiley sentenced to 97 months for bank fraud |url=https://talkbusiness.net/2016/01/dennis-smiley-sentenced-to-97-months-for-bank-fraud/ |access-date=2023-10-09 |website=Talk Business & Politics |language=en-US}}
External links
- {{official website}}
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