Farmers Bank & Trust Company (“Farmers”) headquartered in Magnolia, Arkansas, announced on Friday it has entered into a definitive agreement with Arvest Bank (“Arvest”), headquartered in Fayetteville, Arkansas, to acquire nine separate Arvest branch banking offices in Arkansas and Oklahoma, pending regulatory approval.
The separate branch banking offices 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 in Oklahoma are 409 S Park Drive, Broken Bow and 702 SE Washington, Idabel.
The transaction is anticipated to close the first quarter of 2022. At close, Farmers Bank and Trust will have total assets of approximately $2.3 billion and 32 branch bank locations in Arkansas, Texas, and Oklahoma.
“We are extremely pleased with this opportunity to expand our footprint in Arkansas and into Oklahoma through the acquisition of these Arvest branches,” stated Chris Gosnell, Chief Executive Officer 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 we will be serving can be assured that we will continue to offer the hometown service and hometown values to which they’ve grown accustomed.” Gosnell continued, “We have been around for 115 years as Farmers Bank & Trust and plan to be here for lifetimes to come. We look forward to welcoming our new customers and employees into our bank family.”
Customers of both banks should continue to conduct banking as usual at their respective branches until the transaction closes and the Arvest branches are integrated into the Farmers banking systems. Customers of the Arvest branches can expect to receive notifications from Farmers in advance of the closing with information regarding the conversion their accounts.
About Farmers Bank & Trust: Founded in 1906, Farmers Bank & Trust is a community bank owned by the privately held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Farmers Bank & Trust now has over 20 branch locations in Arkansas and Texas and approximately $1.9 billion in assets. Farmers offers a full range of deposit services, trust and investment management services, as well as business, commercial real estate, construction, mortgage, residential and consumer loans. To learn more, visit their website at MyFarmers.Bank.