Officials for Arvest Bank, headquartered in Northwest Arkansas, say nearly 12% of the financial institution’s 270-plus branch locations will close this summer.
The list includes the locations at 167 West State Highway 14 in Lead Hill and 700 U.S. Highway 62-65 North in Harrison. Talk Business and Politics reports the 31 branches will close at 5 p.m. on June 30.
In a news release, Arvest says, “The past year has introduced many challenges to the banking industry and accelerated existing trends in consumer preferences and behavior. Most significant for Arvest Bank has been a shift in the balance between branch transactions and digital banking. In response to these significant changes in customer banking preferences, Arvest has conducted an in-depth analysis and will make changes to its branch network in 2021.”
More than one-third of the facilities to close are limited-service branches and the vast majority of impacted branches are in markets with other nearby branches available to serve customers.
The branch transformation strategy includes plans for construction of eight new facilities and 15 remodeling projects over the next 12-18 months. The bank also plans to deploy 38 additional ATM with Live Teller machines throughout its network. These machines allow customers to have face-to-face communication with Arvest tellers via a video screen and complete more types of transactions than a traditional ATM. They also offer standard ATM capabilities 24 hours a day.
Arvest anticipates there will be a limited number of associates affected by these changes.
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