Arvest Bank Enjoys 40 Percent Spike in Benton County Deposits

by Talk Business & Politics ([email protected]) 89 views 

Readers interested in local banks’ six-county market share breakdown, available on page 17, might notice Arvest Bank’s healthy jump of more than 40 percent in Benton County deposits last year.

By drilling down, it became evident a single Arvest branch — at 201 N.E. A St. in Bentonville — reported an increase of $612.8 million in deposits in the year that ended June 30, from $480.5 million to $1.09 billion in a single year.

Arkansas Business reported that Arvest spokesman Jason Kincy had no specific explanation for the fact 85 percent of the bank’s statewide growth happened at one branch.

“We’ve just seen a steady and sticky growth in core deposits,” he said, noting that the A Street branch is home to most of Arvest’s Northwest Arkansas lending staff and asset management staff.

Another Jump

Among the largest banks in the state, only First Security Bank of Searcy grew its deposits faster than Arvest in 2010-11, a blistering growth rate of 19.6 percent. (First Security is also reporting blistering profits this year: $62.9 million in the first three quarters, $22 million in the third quarter alone, according to its call report filed last week.)

First Security enjoyed jumps of about 32 percent and 22 percent in deposits in Benton and Washington counties, respectively, last year. Market president Jim Taylor said the increases are the result of “good organic growth.”

“We’re very bullish on Benton and Washington counties right now,” Taylor added, “as we are the whole state.”