Farmers Bank & Trust Company (“Farmers”), headquartered in Magnolia, Arkansas, today announced that it has entered into a definitive agreement with Arvest Bank (“Arvest”), headquartered in Fayetteville, Arkansas, to acquire nine separate Arvest bank branches in Arkansas and Oklahoma awaiting regulatory approval.
The separate bank branches located in Arkansas are 960 S Constitution Avenue, Ashdown; 501 W Collin Raye Dr, DeQueen; 103 E 3rd Street, Dierks; 214 N First Street, Glenwood; 221 S George Street, Mount Ida; 420 S Main, Nashville and 205 E Walnut, Paris, and Oklahoma are 409 S Park Drive, Broken Bow and 702 SE Washington, Idabel.
The transaction is expected to close in the first quarter of 2022. Upon closing, Farmers Bank and Trust will have total assets of approximately $ 2.3 billion and 32 bank branches in Arkansas, Texas and Oklahoma.
“We are extremely pleased with this opportunity to expand our presence in Arkansas and Oklahoma through the acquisition of these Arvest branches,” said Chris Gosnell, CEO and President of Farmers Bank & Trust. “Arvest has a solid financial reputation and shares our values of exceptional customer service, community support and, most importantly, trust. The Arvest customers that we will serve can rest assured that we will continue to deliver the service and values of their hometown to which they have become accustomed. Gosnell continued, “We have been around for 115 years as Farmers Bank & Trust and plan to be here for lives to come. We look forward to welcoming our new customers and employees to our banking family.
Customers of both banks should continue to do their banking as usual at their respective branches until the transaction is closed and the Arvest branches are integrated into Farmers’ banking systems. Customers of Arvest branches can expect to receive notifications from farmers prior to closing with information regarding the conversion of their accounts.