Scoop: Matt Machen named Arvest CEO, president
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Arvest Bank's Fayetteville headquarters. Photo: Worth Sparkman
Arvest Bank of Fayetteville confirmed to Axios that its president and CEO, Kevin Sabin, retired on Nov 1. He will be replaced by chief operating officer Matt Machen.
Why it matters: This leadership shift signals continuity at the top and may hint at how the company plans to navigate growth amid evolving banking and fintech dynamics.
The big picture: Arvest was the state's second-largest retail bank as measured by assets at the end of 2024, with $26.8 billion. It has the largest deposit share of any bank in Arkansas with $14.1 billion, according to the FDIC. Walmart heir Jim Walton owns the lender.
- The largest — Bank OZK of Little Rock, with $38.2 billion in assets at year's end — is publicly traded.
State of play: Sabin, who led Arvest from Tulsa, Oklahoma, remains chair of the Arvest Bank board and is a member of the parent company's board (Arvest Bank Group). He joined the bank in 1998 and was named its president and COO in 2002.
- Machen joined Arvest in 2018 when it acquired Bear State Bank of Little Rock. He was president and CEO of Bear State's holding company at the time and was promoted to its chief operating officer in 2024.
- Arvest wouldn't disclose what region Machen will work from, but said he will be in Arkansas.
- Walton remains chair of the parent company.
What they're saying: "The Arvest Bank Group board, our shareholders, and I are excited about these moves," Walton said in a statement shared with Axios.
- "We congratulate Kevin on his retirement. He has been an excellent leader for Arvest, and we are grateful to have worked with him. Matt will seamlessly provide steady leadership as we continue to offer customer-focused financial services and be a growth engine for our communities into the future."
By the numbers: Arvest employs more than 6,100 people at 227 locations in Arkansas, Kansas, Missouri and Oklahoma.
- The bank's assets have grown more than 460% from $4.8 billion at the end of 2002, when Sabin was promoted to president.
The bottom line: Spokesperson Tara Muck told Axios the company's strategic vision hasn't changed.
- Its brick-and-mortar locations are still important to maintain customer relationships, she said. Arvest plans to open a couple more in coming months.
Worth's thought bubble: Years ago, after much begging, cajoling and good-natured empty threats, Sabin agreed to have lunch with me.
- He was the first person to tell me about the 1921 Tulsa Race Massacre, a major event I should've been taught in ninth-grade Oklahoma history.
- I've always appreciated that conversation.