Oklahoma-based lender Grand Savings Bank, which operates nine of its 12 branches in Arkansas, is planning to relocate its lone Fayetteville branch to a larger building.
The company’s office at 15 S. Block Ave. Suite 102 on the west side of the downtown square will move to a vacant building at 1925 N. College Ave. The building once housed an AQ Chicken House restaurant for more than 25 years.
According to county property records, Grand Savings acquired the property’s ground lease and all improvements for an undisclosed price. The land remains with Mike Billingsley of Fort Smith. If the bank were ever to vacate the property, the building and land would revert back to Billingsley.
Natalie Bartholomew, the bank’s chief administrative officer, said the relocation should be completed before the end of the year, once the property undergoes interior and exterior renovations. She said the bank is still finalizing the design for the 10,000-square-foot building, but it will include an ATM and drive-thru lanes. Grand Savings will sub-lease roughly 30% of the building but does not have a confirmed tenant for that space.
“While some banks like to build from the ground up, we enjoy purchasing older buildings and overhauling them to revitalize the community,” Bartholomew said.
The bank’s existing Fayetteville branch is in roughly 1,800 square feet of leased space.
Grand Savings Bank held $541.4 million in assets as of Dec. 31, according to the FDIC. That’s a 13% annual increase. The bank finished 2019 with net income of $8.9 million, compared with $7.8 million in 2013.