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Saturday, December 12, 2009 12:02 AM


Solutions Bank sold to Arvest

By The Herald Staff

Solutions Bank, which has a branch in Ottawa, was closed Friday by the Office of the State Bank Commissioner of Kansas.

The Federal Deposit Insurance Corporation has entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, Ark., to assume all of the deposits of Solutions, which was headquartered in Overland Park.

The six branches of Solutions, which includes the local one at 119 E. Third St. in Ottawa, will reopen during normal business hours today as branches of Arvest Bank, according to a news release from the FDIC.

Other branches are in Gardner, Kansas City, Kan., Lee’s Summit and Leawood.

Depositors of Solutions automatically will become depositors of Arvest Bank, the release said. Deposits will continue to be insured by the FDIC.

The release said customers should continue to use their existing branch until they receive notice from Arvest Bank it has completed systems changes to allow other Arvest Bank branches to process their accounts as well.

Over the weekend, depositors of Solutions can access their money by writing checks or using ATM or debit cards, the release said. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of Sept. 30, Solutions had total assets of $511.1 million and total deposits of about $421.3 million.

Customers who have questions about Friday’s transaction can call the FDIC at (800) 405-1439 or visit www.fdic.gov/bank/individual/failed/solutions.html

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