UPDATE: Arvest Combines Benton County Operations; Rob Brothers Heads to Walton Family Foundation

Arvest Bank announced Friday that it will combine its Bentonville and Rogers operations into one bank.

Although all Arvest branches are technically part of the same Fayetteville charter, the company currently maintains separate community banks in Bentonville and Rogers with their own executive teams and advisory boards.

On Jan. 1, they will begin operating as one community bank for Bentonville, Bella Vista, Rogers and the six surrounding communities. The new operation will be called Arvest-Benton County.

Arvest said bank customers likely will not notice any change in service.

The most noticeable change will be in the executive team at Rogers. Rob Brothers, president of the Rogers market, will be moving to an executive management position with the Walton Family Foundation.

Arvest Bank Group Inc. is owned by Jim Walton, son of the late Sam Walton, founder of Wal-Mart Stores Inc.

“I’m looking forward to following in the footsteps of my friend Buddy Philpot by making the transition from working within Arvest Bank to working for the Walton Family Foundation,” Brothers said in a prepared statement. “I’ve spent the past 31 years as a part of the Arvest family and I’m looking forward to putting the experience I’ve gained and the connections I’ve made to use in a new way. I’ll be focusing on how the Foundation can have the most impact in the state of Arkansas, which is very exciting to think about. Once this transition is complete, I will be ready to jump into this new position.”

Lorrie Madden, executive vice president and sales manager, for Arvest Rogers said the bank’s directors in Rogers and Bentonville will combine to make one larger board. Rogers currently has 12 directors and Bentonville 10.

Arvest had $10.7 billion in assets as of June 30, 2009. According to the Federal Deposit Insurance Corp., it operates 25 offices in Benton County with a total of $1.83 billion in deposits, as of June 30, 2008, the most recent data available. Its deposit market share in Benton County was about 53 percent.

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