Deposit Express

First National Bank of Springdale received approval in early January from the Office of the Comptroller of the Currency for an innovative plan to grow its commercial client base.

The bank is basically internalizing a courier service for commercial deposits. First National used to outsource deposit pick-ups through a third-party courier. But the bank found an economy of scale with about 15 customers wanting the pick-up service.

Jerry Reinert, First National’s president, said the bank has started picking up locked deposit bags from clients during the mid-afternoon in Bentonville, Fayetteville and Lowell. The courier also drops off an empty bag for the next day’s deposits.

Among the customers being sought are physicians clinics and various service industry and retail operations.

Bank laws required formal approval for First National to run its own deposit courier operation because the technically named “messenger service” extends the bank’s market reach in the same manner that a new branch would. The law views it as a mobile branch.

Reinert credited Jeff Thames, First National’s senior vice president, for pushing for the concept.