Rogers Site Identified for Grand Savings Bank Expansion
by January 17, 2014 2:48 pm 172 views
Grand Savings Bank of Grove, Okla., has formally started the process to establish its second branch location in Arkansas.
A required legal notice was published Friday by the Arkansas Democrat-Gazette stating the lender’s intentions to file paperwork with the FDIC to establish a branch in Rogers.
The bank’s proposed location, according to the notice, is at 1303 W. Hudson Road at the intersection of 13th Street.
The 560-SF building has housed several bank branches in the past but has been vacant for several years.
First Federal Bank of Harrison was the most recent tenant and is currently the owner of the building, according to county records.
GSB entered the market in November when it established a branch in the Chardonnay development at 3401 S.W. 2nd St., in Bentonville, across from Elm Tree Elementary School on Arkansas Highway 72.
GSB is locally owned by a group of investors primarily from Benton County. They include Tony and Suzanne Steele, Rex and Carolyn Grimsley, Guy and Elizabeth Cable and Tyler and Patricia Steele of Bentonville; Gary and E. Jane Anderson, Steve and Jacqueline Zimmerman and Roland and Betty Julian of Rogers; Kirby and Robyn Lane of Grove, Okla.; and Indian Oaks Farms Inc. of Southwest City, Mo., which is owned by Kirby Lane.
The investment group’s acquisition closed April 1, removing GSB from the control of Chambers Bancshares Inc. of Danville, which bought controlling interest of GSB’s parent company, Peterson Holding Co. of Decatur, late in 2012. That deal also included the troubled Decatur State Bank.
GSB, established in 1981, presently has two other branches in Oklahoma, its main branch in Grove and a branch built in 2010 in nearby Jay.
According to the most recent FDIC data, as of Sept. 30, the bank reported $215.6 million in assets, $163.9 million in loans and $183.2 in deposits.