North American Savings Bank plans August move

The branch will open Aug. 15 in its new location, 4350 S. National Ave., Ste. A-100. Infill for the office, according to a building permit filed with the city of Springfield in May, is valued at $180,000.

Ron Reagan is branch manager and vice president of the Springfield branch,

which is a mortgage-lending only branch. Penni Watts is the branch operations manager.

Bruce Thielen, chief lending officer at North American Savings Bank’s Lee’s Summit office, said the move would give the branch the capacity to add six loan officers.

The Springfield office employs 27, 13 of which are loan officers, he said, adding that there is no timeline for when new staff will be hired.

The move will increase the branch’s space from 4,500 square feet at its current location, 3322 S. Campbell Ave., Ste. W, to 6,000 square feet in the new office.

Although NASB has full-service banks in other cities, Thielen said there are no plans for the Springfield mortgage lending office to change the services it offers.

“We have eight deposit branches in Kansas City and a total of eight loan origination or loan production offices which include Kansas City, Springfield, St. Louis and Davenport, Iowa,” Thielen said. There are 500 employees companywide.

Mortgage market

Another bank that entered the Springfield market as a mortgage-only location closed its doors in February because of market conditions.

Michigan-based Flagstar Bank opened in October 2004 at 1824 S. Stewart St.

The branch was the first in Missouri for the company, which had more than 140 lending centers in 27 states at the time. The Springfield branch closed Feb. 22, said Susan Cherry, public relations representative for Flagstar Bank.

David Zeszutek, manager of the Springfield Flagstar center, had projected that Flagstar’s local loan volume would be $3 million to $5 million monthly. Cherry declined to disclose actual mortgage volume for the branch.

Topping the list

NASB has ranked as one of the five largest area mortgage companies in SBJ’s Book of Lists since 2002. The April 25, 2005, list placed NASB at No. 4, with total mortgage volume in 2004 at $98 million. Total mortgage volume the branch produced in 2003 reached $85 million.

Based in Grandview, Mo., North American Savings Bank’s charter was issued to the City Building and Loan Association of St. Louis in 1923. In 1927, the charter was moved to Kansas City, Mo., and the name was changed to North American Savings Association.

NASB is owned by NASB Financial Inc. NASB also is a nationwide Internet lender, offering residential loans in all 50 states through its Web site, www.mortgageby

internet.com.

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