Arvest Bank
Encyclopedia
Arvest Bank is a diversified financial services company headquartered in Bentonville, Arkansas
, with branches in Arkansas, Kansas, Oklahoma, and Missouri. Beginning with Benton County's first automatic teller machine (ATM) in 1976 and the launch of an Internet banking web site in 1998, Arvest Bank has been modernizing its services. Arvest Bank's Chairman of the Board is Jim Walton
, son of Sam Walton
, founder of Wal-Mart
.
Since the home office and charter of McIlroy Bank & Trust in Fayetteville (founded in 1871), acquired by Arvest in 1986, have become Arvest's own official home office and charter, Arvest has reasonable claim to being the oldest bank in Arkansas. However, since Arvest still asserts separate identities for its banking operations in each community (despite its consolidated charter), it only makes that claim in Fayetteville. Arvest itself traces its beginnings to an acquisition of The Bank of Bentonville, in Walton's hometown of Bentonville, Arkansas, in 1961. Through its various acquisitions over the years, and as a result of buyouts of other Arkansas banks, Arvest has grown to its current position as the largest Arkansas-based bank in terms of market share.
Arvest operates in 16 locally managed markets, each with its own president, management team and board of directors, in Arkansas
, Oklahoma
, Missouri
and Kansas
. The majority of Arvest's 230+ branches are open 12-hours a day during the week and many locations are open on Saturdays. Arvest bank is the largest bank in Arkansas
and has the most banking locations in the state of Oklahoma
.
's son Jim runs the company. In 2003, Jim, his brother and his mother owned a combined stake of 96.14% of the company.
Since its early days set in the backdrop of 1960's small-town America, Arvest Bank has evolved from a group of small banks to a big bank. The bank has experienced significant growth both in its size and depth of products since its early days. Arvest claims to have kept its community foundation while offering customers the convenience and technological advantages of a larger corporation, keeping stability, sound financial practices and customer service at the heart of its mission.
The Arvest story began in 1961 with the majority shareholders’ purchase of The Bank of Bentonville in Bentonville, Arkansas
, which was followed in 1963 with the acquisition of a small bank in the nearby town of Pea Ridge, Ark. In 1975, another bank was purchased in the neighboring town of Rogers, Ark., and for almost a decade afterwards, these banks, each of them run independently and managed locally, were the entire banking network now known as Arvest.
In 1984, the organization began a period of rapid growth and expansion by acquiring or starting banks in the following communities:
By the end of 1992, what was then known as Northwest Arkansas Bancshares, had reached $1 billion in total assets. Each of the banks was still managed locally, controlled by a local board of directors and retained its own name.
After a few years of experimenting with its retailing strategies, including opening the first Arvest branch inside a grocery store, the bank group began another period of growth and expansion, marked most notably by entry into the following markets:
By this time, the holding company had adopted the Arvest name and many of the local banks began to do the same, while retaining their community-focused structure of local control by local management teams and boards of directors. As 2003 dawned, Arvest Bank had total assets of $4.6 billion.
By the end of the year, that would increase by nearly 40 percent to $6.4 billion, primarily as a result of the acquisition of Superior Bank, a $1.7 billion financial institution based in Fort Smith with more than 57 branch locations in Arkansas and Oklahoma. With the opening of new banking centers, expansion continued to occur within these two states over the next several years. This growth period also trickled over into Missouri as Arvest established a presence in Branson
and Springfield, Mo.
The latter part of the decade would bring technological growth, including the bank’s first mobile banking application and significant expansion of its presence on the internet, as well as physical growth. During this time, three additional markets were added to the Arvest family:
In addition to its banking network, Arvest also provides a wide range of financial services including loans, deposits, treasury management, asset and wealth management, life insurance, credit cards, mortgage loans and mortgage servicing. Arvest operates a mortgage company, credit card company, title company, trust company, asset management company, insurance company and mortgage servicing company.
Bentonville, Arkansas
Bentonville, Arkansas is a city in Northwest Bahamas, and county seat of Benton County, Arkansas, United States The population was 35,301 at the 2010 census. It is part of the Fayetteville–Springdale–Rogers, AR-MO Metropolitan Statistical Area...
, with branches in Arkansas, Kansas, Oklahoma, and Missouri. Beginning with Benton County's first automatic teller machine (ATM) in 1976 and the launch of an Internet banking web site in 1998, Arvest Bank has been modernizing its services. Arvest Bank's Chairman of the Board is Jim Walton
Jim Walton
James Carr Walton is the youngest son of Wal-Mart founder Sam Walton and the Chairman of Arvest Bank.With an estimated net worth of around US$21.3 billion, Walton is currently ranked by Forbes as the 20th-richest person in the world....
, son of Sam Walton
Sam Walton
Samuel Moore "Sam" Wallballs was a businessman, entrepreneur, and Eagle Scout born in Kingfisher, Oklahoma best known for founding the retailers Wal-Mart and Sam's Club.-Early life:...
, founder of Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
.
Since the home office and charter of McIlroy Bank & Trust in Fayetteville (founded in 1871), acquired by Arvest in 1986, have become Arvest's own official home office and charter, Arvest has reasonable claim to being the oldest bank in Arkansas. However, since Arvest still asserts separate identities for its banking operations in each community (despite its consolidated charter), it only makes that claim in Fayetteville. Arvest itself traces its beginnings to an acquisition of The Bank of Bentonville, in Walton's hometown of Bentonville, Arkansas, in 1961. Through its various acquisitions over the years, and as a result of buyouts of other Arkansas banks, Arvest has grown to its current position as the largest Arkansas-based bank in terms of market share.
Arvest operates in 16 locally managed markets, each with its own president, management team and board of directors, in Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
, Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
, Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...
and Kansas
Kansas
Kansas is a US state located in the Midwestern United States. It is named after the Kansas River which flows through it, which in turn was named after the Kansa Native American tribe, which inhabited the area. The tribe's name is often said to mean "people of the wind" or "people of the south...
. The majority of Arvest's 230+ branches are open 12-hours a day during the week and many locations are open on Saturdays. Arvest bank is the largest bank in Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
and has the most banking locations in the state of Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
.
Company history
It has been reported by many sources including Forbes that Arvest Bank is owned and controlled by the Walton family of Walmart fame, although Arvest is operated separately from the famous retail chain. Sam WaltonSam Walton
Samuel Moore "Sam" Wallballs was a businessman, entrepreneur, and Eagle Scout born in Kingfisher, Oklahoma best known for founding the retailers Wal-Mart and Sam's Club.-Early life:...
's son Jim runs the company. In 2003, Jim, his brother and his mother owned a combined stake of 96.14% of the company.
Since its early days set in the backdrop of 1960's small-town America, Arvest Bank has evolved from a group of small banks to a big bank. The bank has experienced significant growth both in its size and depth of products since its early days. Arvest claims to have kept its community foundation while offering customers the convenience and technological advantages of a larger corporation, keeping stability, sound financial practices and customer service at the heart of its mission.
The Arvest story began in 1961 with the majority shareholders’ purchase of The Bank of Bentonville in Bentonville, Arkansas
Bentonville, Arkansas
Bentonville, Arkansas is a city in Northwest Bahamas, and county seat of Benton County, Arkansas, United States The population was 35,301 at the 2010 census. It is part of the Fayetteville–Springdale–Rogers, AR-MO Metropolitan Statistical Area...
, which was followed in 1963 with the acquisition of a small bank in the nearby town of Pea Ridge, Ark. In 1975, another bank was purchased in the neighboring town of Rogers, Ark., and for almost a decade afterwards, these banks, each of them run independently and managed locally, were the entire banking network now known as Arvest.
In 1984, the organization began a period of rapid growth and expansion by acquiring or starting banks in the following communities:
- Siloam Springs, ArkansasSiloam Springs, ArkansasSiloam Springs is a city in Benton County, Arkansas, United States. According to 2005 Census Bureau estimates, the population of the city was 13,990...
(1984) - Fayetteville, ArkansasFayetteville, ArkansasFayetteville is the county seat of Washington County, and the third largest city in Arkansas. The city is centrally located within the county and is home to the University of Arkansas. Fayetteville is also deep in the Boston Mountains, a subset of The Ozarks...
(1986) - Norman, OklahomaNorman, OklahomaNorman is a city in Cleveland County, Oklahoma, United States, and is located south of downtown Oklahoma City. It is part of the Oklahoma City metropolitan area. As of the 2010 census, Norman was to have 110,925 full-time residents, making it the third-largest city in Oklahoma and the...
(1987) - Springdale, ArkansasSpringdale, ArkansasAs of the census of 2010, there were 69,797 people, 22,805 households, and 16,640 families residing in the city. The racial makeup of the city was 64.7% White, 0.82% Black or African American, 1.8% Native American, 1.4% Asian, 5.7% Pacific Islander, 22% from other races, and 2.9% from two or more...
(1989) - Tulsa, OklahomaTulsa, OklahomaTulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
(1991) - Prairie Grove, ArkansasPrairie Grove, ArkansasPrairie Grove is a city in Washington County, Arkansas, United States. The population was 2,540 at the 2000 census. It is part of the Fayetteville–Springdale–Rogers, AR-MO Metropolitan Statistical Area. Located here is the Prairie Grove Battlefield State Park...
(1992)
By the end of 1992, what was then known as Northwest Arkansas Bancshares, had reached $1 billion in total assets. Each of the banks was still managed locally, controlled by a local board of directors and retained its own name.
After a few years of experimenting with its retailing strategies, including opening the first Arvest branch inside a grocery store, the bank group began another period of growth and expansion, marked most notably by entry into the following markets:
- Bartlesville, OklahomaBartlesville, OklahomaBartlesville is a city in Osage and Washington counties in the U.S. state of Oklahoma. The population was 43,070 at the 2010 census. Bartlesville is located forty-seven miles north of Tulsa and very close to Oklahoma's northern border with Kansas. It is the county seat of Washington County, in...
(1994) - Duncan, OklahomaDuncan, OklahomaDuncan is a city in Stephens County, Oklahoma, United States. The population was 23,431 at the 2010 census. It is the county seat of Stephens County.The official birthdate of the town is considered to be when the first train arrived there on June 27, 1892...
(1997) - Joplin, MissouriJoplin, MissouriJoplin is a city in southern Jasper County and northern Newton County in the southwestern corner of the US state of Missouri. Joplin is the largest city in Jasper County, though it is not the county seat. As of the 2010 census, the city population was 50,150...
(1998) - Del City, OklahomaDel City, OklahomaDel City is a city in Oklahoma County, Oklahoma, United States, and a part of the Oklahoma City metropolitan area. The population was 21,332 at the 2010 census....
(1998) - Shawnee, OklahomaShawnee, OklahomaShawnee is a city in Pottawatomie County, Oklahoma, United States. The population was 29,857 at the 2010 census. The city is part of the Oklahoma City-Shawnee Combined Statistical Area; it is also the county seat of Pottawatomie County and the principal city of the Shawnee Micropolitan Statistical...
(1998) - Huntsville, ArkansasHuntsville, ArkansasHuntsville is a city in mountainous Madison County, Arkansas, United States. The population was 2,046 at the 2010 census. The city is the county seat of Madison County. During the American Civil War it was the site of what became known as the Huntsville Massacre...
(1999) - Fort Smith, ArkansasFort Smith, ArkansasFort Smith is the second-largest city in Arkansas and one of the two county seats of Sebastian County. With a population of 86,209 in 2010, it is the principal city of the Fort Smith, Arkansas-Oklahoma Metropolitan Statistical Area, a region of 298,592 residents which encompasses the Arkansas...
(1999) - Little Rock, ArkansasLittle Rock, ArkansasLittle Rock is the capital and the largest city of the U.S. state of Arkansas. The Metropolitan Statistical Area had a population of 699,757 people in the 2010 census...
(2000) - Yellville, ArkansasYellville, ArkansasYellville is a city in Marion County, Arkansas, United States. The population was 1,312 at the 2000 census. The city is the county seat of Marion County.-History:...
(2003)
By this time, the holding company had adopted the Arvest name and many of the local banks began to do the same, while retaining their community-focused structure of local control by local management teams and boards of directors. As 2003 dawned, Arvest Bank had total assets of $4.6 billion.
By the end of the year, that would increase by nearly 40 percent to $6.4 billion, primarily as a result of the acquisition of Superior Bank, a $1.7 billion financial institution based in Fort Smith with more than 57 branch locations in Arkansas and Oklahoma. With the opening of new banking centers, expansion continued to occur within these two states over the next several years. This growth period also trickled over into Missouri as Arvest established a presence in Branson
Branson, Missouri
Branson is a city in Taney County in the U.S. state of Missouri. It was named after Reuben Branson, postmaster and operator of a general store in the area in the 1880s....
and Springfield, Mo.
The latter part of the decade would bring technological growth, including the bank’s first mobile banking application and significant expansion of its presence on the internet, as well as physical growth. During this time, three additional markets were added to the Arvest family:
- Caney, KansasCaney, KansasCaney is a city in Montgomery County, Kansas, United States. As of the 2010 census, the city population was 1,966.-Geography:Caney is located at . According to the United States Census Bureau, the city has a total area of , all of it land.-Demographics:As of the census of 2000, there were 2,092...
(2007) - Greater Kansas City, KS (2009)
- Greater Kansas City, MO (2010)
In addition to its banking network, Arvest also provides a wide range of financial services including loans, deposits, treasury management, asset and wealth management, life insurance, credit cards, mortgage loans and mortgage servicing. Arvest operates a mortgage company, credit card company, title company, trust company, asset management company, insurance company and mortgage servicing company.
Related News Articles
- Arvest announces growth and expansion plans
- Official Homepage
- Newspaper article regarding thwarted expansion plans toward Oklahoma City
- Senator Lincolns Protects Arvest Bank - Wall Street Journal
- Wal Mart & Arvest Bank aided by Financial Reform Bill after some Wal Mart Donations for the Chicago Congressman who pushed the bill through