Arvest Bank Supports March of Dimes’ Annual Banquet Honoring Oklahoma Sports Headliners

Tuesday, September 05 at 01:00 PM
Category: Arvest Community News
Arvest Bank in Oklahoma City was proud to support the March of Dimes’ annual Oklahoma Sports Headliners Banquet, which was held on Aug. 18 at the Oklahoma City Golf & Country Club.
 
Oklahoma City Thunder guard Russell Westbrook was honored at the event as the Oklahoma Sports Headliner of the Year, and his former Oklahoma City teammate Anthony Morrow was in attendance and spoke about Westbrook's MVP season. 
 
Three University of Oklahoma coaches were recognized with the Headliner Special Award. Men's gymnastics coach Mark Williams, women's gymnastics coach K.J. Kindler, and softball coach Patty Gasso shared the award after leading their respective teams to national championships last season.
 
Many other teams and individuals were also honored, including Oklahoma State wrestler Dean Heil, who won his second straight NCAA individual championship last season and went undefeated in the process.
 
Arvest Bank supported the event as a table sponsor. Arvest associates in attendance were: Ron Witherspoon, president/CEO of Central Oklahoma, and Ryan Cross, VP commercial lender, who also serves as a board member of the March of Dimes Board for Central Oklahoma and chairman for the 2017 March for Babies. 
 
For more information about The March of Dimes, please visit www.marchofdimes.org*.
 
Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.
Tags: Oklahoma
 

Bear State Bank to be Acquired by Arvest Bank

Tuesday, August 22 at 02:30 PM
Category: Arvest News

Bear State Bank and Arvest Bank have exciting news to share today. An agreement has been signed where Arvest will acquire Bear State and come together as one customer-focused bank. The acquisition of Bear State Bank meets two strategic goals for Arvest – entry into attractive new markets for the bank, and an expansion of customer base and branches in existing Arvest markets. We’re excited to welcome Bear State Bank customers and associates to Arvest and look forward to working together in the future.

FAYETTEVILLE, Ark. (Aug. 22, 2017) – Arvest Bank (“Arvest”) announced today it has entered into a definitive agreement to acquire Bear State Financial, Inc. (“Bear State”) (NASDAQ:BSF), the parent company of Bear State Bank. The acquisition, expected to close in the fourth quarter of 2017 or first quarter of 2018 pending customary regulatory approvals and subject to approval by Bear State shareholders, is an all-cash transaction valued at approximately $391 million.

Bear State Bank operates 42 branches and three personalized technology centers in Arkansas, Missouri and Oklahoma, while Arvest operates more than 250 branches in Arkansas, Kansas, Missouri and Oklahoma. As of June 30, 2017, Bear State had total assets of $2.24 billion and total deposits of $1.7 billion in 34 communities. As of June 30, 2017, Arvest had total assets of $17.30 billion and total deposits of $14.98 billion in 120 communities.

“This is a strategic move for us and one made after much careful consideration,” Arvest president and CEO Kevin Sabin said. “In addition to giving us the opportunity to expand into some new communities, this deal also allows us to strengthen our presence in some existing markets.

“Because Bear State is such a solid company with dedicated employees – and because both banks are so committed to their communities – we believe this will be a great fit. From outstanding products and services to superior customer service, Arvest shares a lot of similarities to Bear State and we look forward to serving all of our customers – old and new – with the same courtesy, competency and care as we always have.”

Of the 34 communities where Bear State operates, 18 are markets where Arvest has banking operations while 16 markets will be new communities for Arvest – most notably communities in northeast Arkansas, southwest Arkansas, southern Missouri and southeast Oklahoma. Arvest Bank and Bear State customers will not notice any immediate changes, and both banks will continue to conduct business as usual. A full conversion of systems and accounts will occur in 2018, and Arvest Bank will be communicating with Bear State customers over the next several months regarding their transition to Arvest Bank.

Additionally, all those employed by Bear State on the date of contract closing will become employees of Arvest Bank.

New communities Arvest looks forward to serving in Arkansas are: Ashdown, De Queen, Dierks, Glenwood, Jonesboro, Manila, Monette, Mount Ida, Nashville and Waldron. Arvest will enter the communities of Golden City, Kimberling City, Lamar and Marshfield in Missouri, and Broken Bow and Idabel in Oklahoma. 

About Arvest 

Arvest Bank, named by Forbes magazine as one of “America’s Best Large Employers” for 2017, operates more than 250 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 16 locally managed markets, each with its own local board and management team. These banks serve customers in more than 120 communities, with extended weekday banking hours at many locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest is an Equal Housing Lender and Member FDIC.

About Bear State Financial

Bear State common stock is traded on the NASDAQ Global Market under the symbol “BSF.”  For more information on Bear State, please visit www.bearstatefinancial.com.  Its principal subsidiary, Bear State Bank, is a community oriented financial institution providing a broad line of financial products to individuals and business customers. Bear State Bank operates 42 branches, three personalized technology centers equipped with interactive teller machines and three loan production offices throughout Arkansas, Southwest Missouri and Southeast Oklahoma.

 
Tags: Arkansas, Associates, Community Support, Locations, Missouri, Oklahoma
 

Shane Stover to Serve as Loan Officer in Oklahoma City

Tuesday, August 15 at 03:00 PM
Category: Arvest Community News

Arvest Bank is pleased to announce the hiring of Shane Stover in its Oklahoma City market.

Stover will serve as mortgage loan officer and be based out of the bank’s branch at 1900 S. Douglas Blvd., in Midwest City.

Stover is an Oklahoma native and has lived in-state except for his time serving as a member of the U.S. Air Force. With a career in consumer finance spanning more than 18 years, Stover has particular expertise in VA, FHA and conventional mortgage lending. He also provides homebuyer education designed specifically for the veteran community. Shane and his wife have two children and live in Greater Oklahoma City, where they are both active members of the Mid-Del real estate community.

Welcome, Shane!

Tags: Oklahoma, Oklahoma City
 

MyBankTracker Recognizes Arvest Bank

Wednesday, August 09 at 11:00 AM
Category: Arvest News

Arvest Bank once again has been recognized by MyBankTracker.com, which touts itself as a personal finance resource for more than a million monthly visitors.

Arvest was named the “Best Southern Customer-Focused Bank” for the fourth consecutive quarter. MyBankTracker.com’s regional awards are given on a quarterly basis.

MyBankTracker.com* cited Arvest’s extensive branch network, extended hours and high levels of transparency, among other factors, in announcing it as a winner.

This honor comes after Arvest was recognized in May by Forbes magazine as one of “America’s Best Large Employers” for 2017. The bank ranked 208th out of the 500 businesses nationwide – with 5,000 or more full- or part-time associates – that scored highest in an independent survey of employees regarding satisfaction with their company. Additionally, Arvest is the highest-ranking community bank among all companies in the banking/financial services category and the only Arkansas-based company on the large employer list.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arkansas, Associates, Award, Kansas, Missouri, Oklahoma
 

Lucas Added as Board Member in Oklahoma City

Monday, August 07 at 10:00 AM
Category: Arvest Community News

Arvest Bank is pleased to announce Erika Lucas has joined the Arvest Bank Oklahoma City Board of Directors.

Lucas is the founder and CEO of StitchCrew, a consultancy and project management firm helping technology organizations conceive, design and scale through innovative business modeling, marketing strategies and operational efficiencies. She also works with venture capital firms in established regions looking to invest outside traditional technology hubs and partners with economic development organizations to develop startup communities and capture innovation-driven entrepreneurship in order to grow the innovation economy in the Midwest.

“Erika’s business experience and vision will be a great asset to Arvest and we are fortunate to have her vision and leadership as a part of our board,” said Ron Witherspoon, president of Arvest Bank Oklahoma City. “We are delighted to have Erika as a part of our team and are looking forward to her first meeting with us later this month.”

Prior to launching StitchCrew, Lucas was vice president of marketing and communications for a private equity firm investing exclusively in aerospace and defense companies, and was responsible for onboarding new acquisitions into the firm's operating business model. She also developed growth strategies, along with scalable operating models, for portfolio companies by working closely with the leadership team of each company to ensure governance and growth trajectory were in line with defined investment goals.

Additionally, Lucas spent six years at the Oklahoma Department of Commerce, leading the foreign direct investment and trade team, as well as the marketing and communications team. During her tenure, a total of 38 international companies located or expanded in the state, accounting for $260 million in investment and 4,100 direct jobs.

Born and raised in Mexico, Lucas began her career facilitating the establishment of international manufacturing companies in her home country, from site selection and incentive negotiation to running the administrative side of the in-country operation.

Lucas also is a board member for the Oklahoma City-County Health Department, the Potts Family Foundation, the Port Authority of the Greater Oklahoma City Area and the Oklahoma City Energy FC.

Tags: Oklahoma, Oklahoma City
 

Arvest Bank Surpasses $1B Mortgage Mark for 15th Consecutive Year

Tuesday, August 01 at 10:00 AM
Category: Arvest News

Arvest Bank announced today that its mortgage division has originated more than $1 billion in mortgage loans for the 15th year in a row. That includes both purchase-money and refinance loans. This is the earliest the bank has reached the $1 billion mark since 2013, indicating a strong real estate market in the communities the bank serves.

“We are honored that our customers choose Arvest for their mortgage business, both when purchasing a home and in situations when our low rates provide them the opportunity to refinance and improve their financial position,” said Steven Plaisance, president and chief executive officer of Arvest’s mortgage division. “The majority of loans we are issuing are purchase-money loans, which is a healthy sign for our markets, and rates are still very good.”

Arvest reached the $1 billion mark almost a month sooner than it did last year. As of July 24, Arvest had closed a total of 5,696 loans with a total loan value of $1,004,913,837. In 2016, the bank reached the $1 billion mark on Aug. 19.

“The housing market is very robust, with record home sales in some areas and certainly competitive lending rates,” said Plaisance. “Consumer confidence has been strong and that’s certainly reflected in the mortgage industry.”

This is the fourth consecutive year in which purchase-money loans account for more of Arvest’s total mortgage loan volume than refinances. Through July 24, purchase-money loans accounted for 64 percent of the company’s total loan volume. That’s up from 58 percent in 2016. 

“The continued year-over-year increase in purchase-money activity in our markets is yet another strong indicator of the health of those local economies,” Plaisance said.

Through July 24 of this year, Arvest made 3,687 purchase-money loans with a volume of $645,467,279. That’s up from 3,390 loans and $555,367,905 in volume compared to year-to-date totals on July 24, 2016.

Arvest’s overall volume of $1,004,913,837 – on 5,696 loans as of July 24, 2017 – is up from $860,630,640 on 5,360 loans as of July 24, 2016. That’s a 16.8 percent increase compared to the same time last year.

The average loan size at Arvest as of July 24 for this year also increased, compared to the same period last year, from $160,565 to $176,424, reflecting improving values in the real estate market.

Arvest is unique among most local lenders in that it services 99 percent of its mortgage loans, meaning that customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes.

Tags: Arkansas, Kansas, Lending and Financing, Missouri, Mortgage, Oklahoma, Press Release

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