Signature Bank of Arkansas is expanding to Rogers, a move that will once again give the $600 million-asset bank a branch in each of the region’s four largest cities.
The Fayetteville-chartered lender is planning to occupy part of an 18,000-square-foot commercial building under construction at 3712 S. Pinnacle Hills Parkway, at the intersection of West J.B. Hunt Drive. The bank will lease about 2,300 square feet on the first floor of the three-story building, according to public filings. The bank will also lease office space on the second floor.
The bank branch will be subject to the necessary regulatory approval.
Kristen Boozman and John Schmelzle of Rogers are the building developers. The building will primarily serve as the new Pinnacle Hills office building for upscale real estate firm Portfolio Luxury Real Estate. The company was founded in 2007 by Boozman — the oldest daughter of U.S. Senator John Boozman, R-Ark. — and specializes in listing upscale properties. The firm is in leased space about a mile north along the Parkway at 5409 Pinnacle Point Drive.
The large-scale development plan for the building has already been approved. It also includes four fully furnished, two-bedroom residential condo units on the third floor. They will be available for corporate rental.
Construction is expected to be completed this fall.
Gary Head, Chairman and CEO of Signature Bank, said he is excited the bank is returning to Rogers. Signature Bank has five brick-and-mortar branches in Arkansas — two in Brinkley and one each in Bentonville, Fayetteville and Springdale. The bank previously had locations in Rogers and Siloam Springs, but sold both branches to First Bank of South Arkansas (now called Generations Bank) in 2010 at the height of the Great Recession.
“Things have changed,” Head said. “We’re thrilled to be going back to Rogers, particularly in this location. There’s a lot happening in that [Pinnacle Hills] area.”
According to the latest data from the FDIC, Signature Bank will be the 22nd bank with a branch office in Rogers. As of April 19, there were 21 lenders with a combined 38 offices in the city.
Head said longtime Signature Bank executive Knight Weis will lead the Rogers expansion efforts. Weis has more than 25 years of banking experience and has been with Signature Bank since it first formed in 2004.