Arvest Bank
The Perfect Bank for Your Changing World.
|
|
| Private | |
| Industry | Finance, Banking, Mortgage |
| Founded | 1961 |
| Headquarters | Bentonville, Arkansas |
|
Key people
|
Chairman Jim Parson |
| Products | Checking, savings, home loans, business services, credit cards, loans, investments, insurance, financial planning, trust, asset management, and cash management services. |
| Total assets | More than $10 Billion USD (2009) |
|
Number of employees
|
Over 5000 |
| Website | arvest.com |
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.
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 Walton'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.
...
Wikipedia