Chambers Bank is tweaking its growth strategy in Benton County
by February 7, 2018 8:40 am 1,401 views
While planning continues for its new banking center in Northwest Arkansas, Danville-based Chambers Bank is planning to relocate its lone Benton County office to a more high-traffic area in Rogers.
The bank is making plans to lease 8,349 square feet in a 25,000-square-foot building at 4201 New Hope Road, east of Interstate 49 at the intersection of South Promenade Boulevard. The building is owned by Sharp Properties Investments, and Chambers will occupy the space previously leased to Pinnacle Bank, which was acquired in 2016 by Little Rock-chartered Central Bank and is now at a branch at 3001 S.E. J St. in Bentonville.
Chambers’ new branch will replace its current temporary location at 600 S. 52nd St. in Rogers.
The new branch will open June 4, pending regulatory approval. It will house traditional retail banking amenities lacking at the current location like an ATM, teller services and drive-through window. It will also feature updated technology and design.
“The New Hope branch will give customers the opportunity to test drive our online banking services and new products first-hand with more interactive experiences,” Chambers COO Erica Preston said.
The new branch will also house a community room to host civic and nonprofit meetings and events.
Chambers has been in a temporary office in Benton County since December 2016, following its move from 1100 S.E. Walton Blvd. in Bentonville. That branch is adjacent to Walmart Pickup Grocery and is owned by Wal-Mart Stores, which bought the property in a sale-leaseback deal in January 2015 for $3.7 million. The lease term was for two years, and the building has sat empty since Chambers’ exit.
Chambers moved to a temporary office in anticipation of building a new banking center on a 2.38-acre lot north of Aloft hotel on South 52nd Street. Chambers acquired the land in 2016 for $1.7 million ($16.40 per square foot) but has yet to break ground.
J.R. Meeks, the bank’s executive vice president, said the New Hope branch in Rogers will likely stay permanent, and the bank is now exploring the idea of building a second banking center at a yet-to-be determined spot in Bentonville. He said the bank has had inquiries about purchasing the lot next to Aloft.
“Northwest Arkansas has been a great market for us, and we are committed to expanding our footprint here,” he said.
According to the most recent FDIC data available, Chambers has 18 offices in Arkansas with $757 million in assets. The bank’s lone Benton County branch had deposits of $26.3 million, which ranked 18th out of 27 banks doing business in Benton County.
The bank also has Northwest Arkansas locations in Elkins, Fayetteville, Johnson and Springdale.