Open for Business: Arlo Bank

Arlo Bank
Arlo Financial Holdings Inc.’s acquisition of Springfield-based Systematic Savings Bank (OTC: SSSB) was completed Oct. 1. The century-old bank with a branch in downtown Springfield is now Arlo Bank. Investor group Arlo Financial announced its planned purchase of Systematic Savings Bank in April. Springfield banker Mark Bybee, who leads the investor group and is president and CEO of Arlo Bank, said the deal closed at roughly $14 million. In the acquisition, Arlo Bank became a wholly-owned subsidiary of Arlo Financial. The deal was part of a planned $25 million capital raise necessary to close the deal, which Bybee said was significantly surpassed. The 15-employee Arlo Bank is doing business at 318 South Ave. but also last month purchased the former Los Cabos Mexican Grill & Cantina at 4109 S. National Ave. for undisclosed terms. Bybee also declined to disclose the seller of the property, which will be converted to a bank branch. He said Arlo Bank’s location at the site would open in 12-18 months, putting the launch in late 2025 or early 2026.
Phone: 417-862-5036
Web: Arlo.bank

Ghiotto Eatery and Catering
A husband and wife launched their first business venture with the June 1 opening of Ghiotto Eatery and Catering LLC. The food truck, which serves Italian cuisine, is primarily located at Metro Eats, 2463 W. Sunshine St., but also travels for catering jobs, pop-up events and to various businesses in and around the Springfield area, according to the owners, Hugh “Ed” and Kelly Dampier. Startup costs were $40,000, Kelly Dampier said, and the couple is on a month-to-month lease for $500 monthly with Metro Eats owners Christine and Amy Shellhart. Ghiotto, which is translated from Italian as delicious and appetizing, serves a menu including pastas with choices of red, alfredo and rose sauces, as well as paninis, toasted raviolis, mozzarella sticks and salads. Prices range $2-$13.50. Dampier said she and her husband, a U.S. Army veteran who served in the Gulf War, have always enjoyed cooking together and were inspired to start the business by their son, Zach.
Phone: 417-419-5196
Web: Facebook.com/ghiottoeatery

Beacon of Light Dementia Day Center
Tammy Autrey and Cindy Holmes teamed to start Beacon of Light Dementia Day Center LLC on Oct. 1. It is a home-based venture at the women’s 545 S. Lafontaine Ave. residence. The goal of the center is to provide meaningful activities and engagement for those with dementia by meeting social, spiritual and emotional needs, along with exercising the mind, according to the owners. Based on client needs and direction from caregivers, Holmes said activities can include crafting, cooking and gardening. Autrey said she and Holmes both exited Cedarhurst of Springfield, where they worked for the past six years in the memory care area of the assisted living facility, to focus full time on Beacon of Light. The venture is limited to no more than five clients in the home at one time, Autrey said, adding the cost is $25 an hour. She said startup costs were roughly $8,000.
Phone: 417-414-2202
Email: beaconoflightdementiaday@gmail.com