Bentonville Site Identified for Grand Savings Bank Location
by April 24, 2013 12:31 pm 85 views
Grove, Okla.-based lender Grand Savings Bank has formally started the process to establish its first branch location in Arkansas.
A required legal notice was published Wednesday by the Arkansas Democrat-Gazette stating GSB’s intentions to file paperwork with the FDIC to establish a branch in Bentonville.
The bank’s proposed location, according to the notice, is in the Chardonnay development at 3401 S.W. 2nd St., across from Elm Tree Elementary School on Arkansas Highway 72.
The 27,374-SF development is owned by Steele Development Inc. principals Tony and Suzanne Steele, two members of the local investment group that bought GSB from Danville-based Chambers Bancshares Inc. in an acquisition that closed April 1.
Tyler Steele, their son and part of the GSB bank team since December, said the bank would take about 3,800-SF in the center of the Chardonnay development, which is currently full for all intents and purposes, with vendors making up the majority of the tenant roster.
GSB presently has two locations in Oklahoma, its main branch in Grove and a branch built in 2010 in nearby Jay.
Tyler Steele, previously vice president at First National Bank of Rogers, said the bank has the ability to “move quickly” once receiving approval for the branch from the FDIC.
If federal regulators approve GSB’s plans for a Bentonville branch, 14 lenders would have at least one office conducting business in that market, according to data compiled by the Arkansas Bankers Association.
GSB, established in 1981, has 65 employees at its two bank locations. According to the most current FDIC data, as of Dec. 31, the bank reported $219.1 million in assets, $162.06 million in loans and $185.74 million in deposits.