First Security Bank formally opens for business in the Fort Smith metro
The first office in the Fort Smith metro for Searcy-based First Security Bank held its formal opening Thursday (Nov. 8) at its 720 Garrison Ave. location in downtown Fort Smith.
Though the bank officially opened Oct. 2 on the second floor of what was once the Fort Smith Town Club, the public had the chance to mix with the bank personnel and learn what all First Security has to offer the community.
“We are an Arkansas only organization. Fort Smith is the second largest city in the state, and as an Arkansas-only organization, we owe it to Fort Smith to have a presence here,” said Adam Rutledge, First Security Northwest Arkansas president.
Zach Ledford, president of the Fort Smith market for the bank, is a graduate of the University of Arkansas at Fort Smith.
“It’s really because of Zach that we are here in Fort Smith. Banking business is people business. It starts with people. And in Fort Smith, it starts with Zach,” Rutledge said.
The privately-held First Security has more than 1,000 employees covering locations throughout the state. The Fort Smith branch has four employees to help meet the diverse banking needs of the city.
“First Security is a community bank, but it has some size to it,” Rutledge said. “It can meet all the big banking needs while keeping that small community bank trust to it.”
First Security “offers solutions for the financial needs of individuals, businesses and the public sector, including a network of local community banks, respected investment banking and wealth management services, public finance, real estate development and revitalization, leasing and mortgage services,” the bank’s website states.
“We’re really excited to be here and to being a good partner with the community,” Ledford said, adding that the bank would bring a little bit of youthfulness to Fort Smith banking. “We are looking forward to the next generation of leadership in the community, getting involved in the city and watching it grow.”
As of June 20, First Security Bank was the fifth largest bank in Arkansas in terms of deposits. The bank had $4.175 billion in deposits, and had 6.26% of the state’s deposit market share, according to the Federal Deposit Insurance Corp. (FDIC).
Arvest Bank tops the list with $9.496 billion in deposits, and 14.25% of the state’s market share. The highest ranking Fort Smith metro-based bank in terms of statewide deposit share is First National Bank of Fort Smith. The bank is ranked 12th in the state with $1.040 billion in deposits, and 1.56% of statewide deposit market share.
However, in the Fort Smith metro, First National Bank tops the market share list with deposits of $982.398 million, and 21.07% of the market share. Arvest is second with $851.639 million in deposits and 18.26% of the market share.