Sterling Bank, a $1.25 billion-asset lender headquartered in Poplar Bluff, Mo., is entering the Northwest Arkansas market with a loan production office in Fayetteville.
The company, a wholly owned subsidiary of Sterling Bancshares Inc., has signed a lease to occupy space in a building at 1607 N. College Ave. The office will open June 1.
Arkansas native Johnathon Welch of Fayetteville will oversee the market expansion, which includes plans to eventually open full-service locations in Fayetteville, Bentonville and Rogers.
“Sterling Bank is eager to enter the Northwest Arkansas market and offer customers a high-quality experience in the delivery of our banking products and services,” said Scott E. Spencer, president and CEO. “We are excited to welcome Johnathon Welch who brings prior experience as a commissioned bank examiner with the Arkansas State Bank Department. Johnathon will provide valuable leadership in the NWA market.”
The bank, established in 2004, has 10 locations in Missouri and a branch in the Chicago suburb of St. Charles, Ill. The bank also plans to open a branch in Kansas City, Mo., this year.
In a news release, Sterling Bank highlighted its lending services for the affordable housing industry. To date, the bank has financed 391 affordable housing projects in 28 states providing $1.97 billion in construction financing.