Saturday, Arvest Bank announced that its acquisition of National Bank of Arkansas is complete.
However, the conversion of NBA’s accounts and operations into Arvest will not be completed until early to mid February. As a result, former NBA branches will not be converted over to Arvest until that time.
It was first announced in October that NBA had signed an agreement to sell 100 percent of its stock to a subsidiary of Arvest Bank Group of Fayetteville.
Founded in 1981, NBA is a locally owned and operated bank with seven locations in Little Rock, North Little Rock, Sherwood, Maumelle and Conway, with approximately $186.7 million in assets.
“We think this a good acquisition for our footprint in those smaller markets,” said John Womack chairman of Arvest Bank Central Arkansas region. “We’re really excited about that part.”
Arvest has spent the time to interview each one of NBA’s 80 person staff, Womack said, and he plans to retain 65 to 75 percent of them.
“Obviously there are duplicate positions, but I hope we can transition as many employees as possible,” he said. “They have some outstanding bankers.”
Womack said Arvest has extended offers to former NBA employees, and those employees are now deciding if they want to accept the offers or not.
A few have said they don’t want to continue working with Arvest, he said.
Until the account and branch conversions are complete in 2014, Arvest and NBA will operate on completely separate computer and account systems.
Customers of the former NBA should continue to use only the former locations, checks and debit cards of NBA.
This also means that current customers of Arvest should wait before attempting to do their banking at former NBA locations.
Arvest Bank will send notifications to former NBA customers in early 2014 with details about the account and branch conversion.
(Staff writer Michelle Corbet can be reached by email at email@example.com or by phone at 505-1215. To comment on this and other stories in the Log Cabin, log on to www.thecabin.net. Send us your news at www.thecabin.net/submit)