Harrington Bank, which is based in Mission, Missouri, will be acquired by Arvest Bank, which is owned by relatives of the founder of Wal-Mart – Sam Walton. Arvest Bank has its home in Fayetteville, Arkansas.
Arvest Bank has been managing assets worth $10.7 billion as of the end of June.
“We are excited to enter the Kansas City market with this acquisition and look forward to growing and expanding there for years to come,” Arvest COO Kevin Sabin said in the press release.
Responding to the potential acquisition, Mark Larrabee, Harrington Bank’s market president, also said in the release that “Arvest is committed to customer service, innovative banking products and a banking philosophy that emphasizes convenience for the customer. Arvest currently offers 12-hour weekday banking in most of its branches throughout Missouri, Arkansas, Oklahoma and Kansas.”
Holding company Harrington West Financial Group Inc. is the parent company of Los Padres Bank, of which Harrington is a branch of in Kansas City. Along with Mission, Harrington Bank also has branches in Olathe and Overland Park.
As far as current customers of Harrington Bank, they have no need to do anything in response, as the existing products will continue to operate as they have been all along; including debit cards and checking accounts.
According to the press release, Arvest Bank set the acquisition will include the assumption of $93 million in deposits and close to $95 million of loans will be bought. Wealth management and the trust business of Harrington Wealth Management Company won’t be part of the deal.
Expectations are it’ll take somewhere around 90 days to get a response for regulatory approval, which is expected to go through with no problems for Arvest Bank.
This will be part of the banking industry for the foreseeable future, as mergers and acquisitions continue to be part of the answer for weakened and struggling banks.