2013 already has been a big year for Fayetteville, Ark.-based Arvest Bank in the Springfield-area market. The March acquisitions of six Bank of America locations pushed the bank’s southwest Missouri footprint to 13 branches.
Since assuming the helm of Arvest locations in Springfield two years ago, CEO and President Rodney Shepard has been tasked with solidifying that footprint. Gaining recognition as a new and outside player in a tight-knit community is a challenge, especially in a banking environment he says is known for strong competition and quality hometown service.
A key factor to establishing its market presence has been mortgage services. Two of Arvest’s top companywide performers are part of the Springfield’s mortgage operations, driving overall volume to 20 percent year-over-year gains in the first six months. Shepard attributes the increased demand to low rates spurring a steady stream of refinances, along with a recent pickup in new purchase activity.
“We’re in a people business,” he says. “Our growing name recognition and quality of staff are really the drivers for that aspect of the business. But the other key selling point is the fact that we service 98 to 99 percent of our loans – even if the mortgage note is ultimately held by another institution.”
Beyond the recent BOA acquisitions, Arvest has demonstrated a commitment to the community with ground-up construction of distinctively-designed facilities in the Springfield market. That commitment also extends to the environment, with the company securing Ledership in Energy and Enviromental Design certifications on three of its four newly constructed Springfield branches despite increased construction costs of 5 to 10 percent.
Shepard says the bottom-line benefits of such energy efficiency outweigh the initial costs. In the three years since the bank’s 730 N. National Ave. building opened, Arvest has noticed a 20 percent reduction in utility usage.
A bank is more than bricks, mortar and glass. Shepard says the 130 area employees of Arvest have drives and passions beyond the desk or the teller window. He says Arvest recognizes that, supporting those outside interests and helping create deeper relationships both inside and outside the bank walls.
“We encourage all staff at every level to connect with a cause in the community and are committed to supporting them in helping that cause.”
He says Arvest’s support takes the form of paid time off for individual volunteer service, company-sanctioned volunteer groups for community projects and occasional monetary donation, though, he adds the bank dosen’t typically write checks until associates have shown they are personally invested in supporting the cause.
Shepard declined to dislcose revenues, but says he expects Arvest to make a continued impact in the Springfield market in the coming months, noting local revenue growth was 12 percent in 2012, compared to 6.5 percent companywide.
“We don’t necessarily want to be the biggest,” he says. “But we certainly try to be the best.”[[In-content Ad]]
