A year after opening a loan production office in Joplin, Guaranty Federal Bancshares Inc. (Nasdaq: GFED) converted the location into its 10th full-service branch.
The seven-employee branch is Guaranty Bank’s first outside the Springfield metropolitan statistical area. The conversion follows approval by the Federal Deposit Insurance Corp. in late July, according to a news release.
“Accepting deposits is a fantastic and crucial step as we continue to grow our presence in this area,” said Jeff Williams, Guaranty Bank’s Joplin market president, in the release.
Guaranty hired Williams in April 2016 to oversee its Joplin operations before it launched a brick-and-mortar presence in the market two months later.
The company continues to lease the 1,500-square-foot office, 2639 E. 32nd St., Ste. R, from Yorktown Properties, said spokeswoman Carlye Wannenmacher.
Joplin was Guaranty’s fifth market. It operates six branches in Springfield, two in Nixa and one in Ozark, and a loan office in Marshfield. Its 11th branch is under construction at south-side development Farmers Park. The company expects to move into the 2144 E. Republic Road building during the fourth quarter.
Guaranty last month reported second-quarter earnings of $1.6 million, a 27 percent increase from a year earlier.
GFED shares were trading at $21.50 as of 10:15 a.m., compared with a 52-week range of $15.89 to $22.07.
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