Arvest Bank to open Springfield branch

The Bentonville, Ark.-based bank plans to make its first foray into Springfield with a full-service branch that will open in the next 30 to 60 days, according to Regional Manager Scott Grigsby, who will serve as interim president for the Springfield market.

The bank is leasing about 2,600 square feet at the Offices of Thornbury Place, 1435 E. Bradford Parkway, Ste. 100, managed by Carleton Properties LLC, Grigsby said. A Springfield building permit filed by Arvest in April calls for a $190,000 title infill at that location.

Arvest will hire about eight employees for the Springfield branch in the next six months, Grigsby said. One employee already has been hired. Michal Moss Early, who previously was a client adviser-investment specialist for Arvest Asset Management in Joplin, was named branch manager for the Bradford Parkway location.

Eventually, Grigsby said, Arvest will create a separate set of officers and directors for Springfield – a move that could facilitate additional branches in the next few years.

“We’ll make Springfield a hub of our operation, hopefully,” Grigsby said.

Some members of the Walton family, which owns Wal-Mart, also have ownership in Arvest, and serve on its board of directors.

Though the bank has several branches in Wal-Mart stores, Grigsby said there are no plans for Arvest to open shop in any Springfield Wal-Mart locations.

Natural move

Coming to Springfield is a natural follow-up to Arvest’s expansion into the Branson market, which has occurred in the last 12 months.

The bank opened a branch at Branson Landing in May 2006, and another at 5601 Gretna Road in January. Both have done better than expected, Grigsby said.

Greg Baker, Arvest market president for the Branson-Hollister area, reiterates that, noting that both locations are “way ahead of our budget in both deposits and loans.” Together, the Branson locations have about $50 million in assets.

The Gretna Road location has done well because of an “incredible traffic count,” Baker said, and the Branson Landing branch has succeeded because of its built-in customer base.

“That customer base is primarily geared toward the merchants at the Landing,” he said. “It’s hard for them to get in their car and take a drive to make a deposit.”

He added that other customers include residents of the landing’s condos and businesses situated near the shopping district.

Both Baker and Springfield’s Grigsby say the Branson area has afforded Arvest employees who have deep roots within the community. That familiarity appeals to potential customers, they say.

Hollister by 2008

Arvest doesn’t intend to rest on the laurels of its Branson growth. Already there are plans to add two more locations in the area.

Officials have purchased a parcel of land on Hollister’s Town Plaza, with plans to open a branch there in 2008, according to Baker. Arvest also has obtained property at Highway 376 and Green Mountain Drive, across from Celebration City, in Branson, and plans to open there in 2008 or 2009.

“The tri-lakes area is just experiencing a lot of good growth, a lot of new people moving to the area,” Baker said. “The economy overall is just very strong.”

Arvest operates more than 200 bank branches in Arkansas, southeast Kansas, Oklahoma and southwest Missouri, including 10 in the Joplin area. Total assets are more than $7 billion.