Arvest Beefs Up Monthly Deposits
by October 10, 2005 12:00 am 55 views
Bentonville-based Arvest Bank got a shot in its deposit arm recently. In 31 days, it brought in 8,000 new accounts worth a total of $190 million in deposits.
The bank, which already had almost 32 percent of the 2004 six-county deposits ($2.61 billion), ran ads touting special rates on 14-month certificates of deposit from Aug. 15 through Sept. 16. Most banks run specials on CDs, but it was new advertising ground for Arvest, said Jason Kincy, advertising manager for the bank. Arvest has been toying with its marketing this year, showing off some products instead of all image-focus, he said.
The CD campaign came just in time, hitting an up-tick in interest rates.
Of the $190 million, $118.6 million (and 4,916 accounts) came from within the six-county area. About $32 million was deposited from the Fort Smith area. Only 16 percent of the accounts were renewals, Kincy said.
We’re still scratching our heads wondering why so many depositors had that much money liquid enough to invest.