Arvest Bank has moved one step closer to building its new banking center in the Pinnacle Hills area of Rogers.
In a 5-0 vote on June 5, the Rogers Planning Commission approved the bank’s development plan for a two-story 26,238-square-foot bank at 4201 S. J.B. Hunt Drive, at the corner of Pauline Whitaker Parkway west of Interstate 49.
The Fayetteville-chartered bank purchased the 2.3-acre site in October 2016 from The District Shops II LLC, an affiliate of Whisinvest Realty LLC of Little Rock, for $2.3 million ($22.96 per square foot).
CEI Engineering Associates Inc. of Bentonville is the engineer and Hight Jackson Associates of Rogers is the architect for the project. A general contractor has not been selected yet.
Arvest Benton County President Craig Rivaldo said when the new building is complete, the bank will vacate its nearby Rogers branch at Village on the Creeks (5201 W. Village Parkway).
The new branch has also been approved by state bank regulators, and Rivaldo expects construction to be completed in the summer of 2019.
Arvest Benton County is the largest of the bank’s 16 locally managed markets. It has 24 branch locations in the county, according to the Federal Deposit Insurance Corp. Bank of the Ozarks has the second-most with eight.
The Village on the Creeks branch is one of Arvest’s seven Rogers offices. It held $260 million in deposits as of June 30, 2017, according to the FDIC.