Arkansas Business: Arvest Bank buys 29 Bank of America branches

    6:46 AM, Mar 26, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Stocks reversed an early rise on Wall Street yesterday as traders returned to worrying about the European economy.

    Cyprus optimism helps stocks rise

    Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the S&P to within a quarter-point of its record closing high, but stocks soon turned negative.

    This, as the initial euphoria about Cyprus' deal to secure 10 billion euros in emergency funding was overshadowed by more bad news.

    A top European official indicated that investors in struggling banks may be forced to take losses, an element of the Cyprus agreement that had previously been seen as unique to that country.

    Arvest Bank buys 29 Bank of America branches

    Here in Arkansas, Arvest Bank of Fayetteville closed on its purchase of 29 bank branches in four states -- including Arkansas -- from Bank of America Corp.

    The company, which announced the deal in December, received regulatory approval for the purchase in February.

    All of the new now-Arvest-branded branches are within or near existing Arvest markets.

    The new bank branches are in Arkansas, Oklahoma, Kansas and Missouri and represent about $750 million in deposits in total.

    Arvest, the state's largest bank when ranked by deposits, have declined to reveal the price tag of the transaction.

    Arkansas Business list of highest-paid nonprofit employees

    And finally, this week this week, Arkansas Business debuting a new list tracking the highest-paid nonprofit employees in Arkansas.

    And, no surprise, health care employees are all over the top of the list.

    In fact, you have to get down to No. 20 on the list before you find someone outside the medical field. That person is Dan Bacigalupi, the executive director of Crystal Bridges Museum of American Art in Bentonville.

    His total compensation a little more than $597,000 per year.

    Otherwise, the top 19 are all in the medical field; hospital administrators and even a few physicians.

    No. 1 on the list: Russ Harrington, CEO of Baptist Health, at a little more than $1 million.

    And No. 2: Robert Atkinson, the former president and CEO of Jefferson Hospital Association in Pine Bluff at 902-thousand dollars.

    You can see the complete list right now at ArkansasBusiness.com.

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