Hispanic Loans Help Arvest Bank-Rogers

Over the past decade, Arvest Bank-Rogers has attracted more than $50 million in new business from the area’s Hispanic customers, said David Bugea, vice president of marketing and sales support for Arvest Bank-Rogers.

Bugea said the $50 million amount is an estimate because the bank has moved away from tracking Hispanic business to make sure it doesn’t appear discriminatory.

“We still do not know of any defaults that have happened,” Bugea said. “And there have been more than 1,000 loans [to Hispanics].”

Bugea said about 20 percent of the households in Rogers are Hispanic, and Hispanic-owned neighborhoods like Bryan Division and Henry Hills in Rogers have been very successful. Those neighborhoods primarily have starter homes, but Bugea noted that many Hispanic families are moving from Bryan Division and Henry Hills into more expensive homes in other parts of the city.

“This market segment is starting to trade up,” he said. “Like anyone else, they’re starting to build some equity in their homes. We’re seeing a lot of repeat business. It’s not only starter homes these days.”