Arvest Bank, Arkansas-based financial services firm, has entered into an agreement with Harrington West Financial Group, the holding company for Los Padres Bank, FSB, to purchase its Kansas city banking operations, operating as Harrington Bank.
Under the agreement, Arvest will purchase certain assets, including two branch locations and approximately $95 million in loans while assuming all of the deposits in the market (approximately $93 million) and lease obligations for Harrington Bank’s primary location in Kansas. However, the transaction, which does not include the investment management and trust business of Harrington Wealth Management, is expected to close in the fourth quarter of 2009 after appropriate regulatory approvals are received.
Kevin Sabin, president and COO of Arvest Bank, said: “On behalf of Arvest I would like to welcome the customers of Harrington Bank and assure them we will be working to provide a seamless transition by the end of this year. Customers do not need to do anything at this time to affect the change. They should continue to use their checks, debit cards and other products just as before.”
