Grand Savings Bank is making moves to potentially grow its footprint in Bentonville.
The Oklahoma-based lender, which operates nine of its 12 branches in Arkansas, completed a $1.65 million deal in late December to buy a commercial property at 2501 E. Central Ave. Petromark Inc. of Harrison was the previous owner. Steve Fineberg with Steve Fineberg & Associates in Bentonville brokered the deal.
The 6,213-square-foot building, at the intersection of Moberly Lane, is vacant. White Oak Station convenience store and gas station and First Security Bank were the most recent tenants.
Natalie Bartholomew, the bank’s chief administrative officer, said there are no specific details or development plans for the building, only that it represented a “great opportunity” for future growth in the Bentonville market.
The bank has a Bentonville branch about 4 miles to the west at 3402 S.W. Second St.
Grand Savings Bank is expanding in Fayetteville, and that project is about to wrap up. The company’s office at 15 S. Block Ave., Suite 102, on the west side of the downtown square will move to a renovated building at 1925 N. College Ave. The building once housed an AQ Chicken House restaurant for more than 25 years. The bank acquired the property’s ground lease and all improvements for an undisclosed price last year.
“As a community bank, we’re always looking for ways to invest in our communities,” Grand Savings President and CEO Guy Cable said in a statement. “We were excited to renovate an old, historic building to bring additional value to the community around our new Fayetteville branch.”
Bartholomew said the South Block branch will close Jan. 29 and new branch on College Avenue will be open for business Feb. 1. Oak Crest Wealth Management will also operate out of the new location and a portion of the building will be leased as retail space.
Grand Savings Bank held $601.3 million in assets as of Sept. 30, according to the FDIC. That’s a 17.7% year-over-year increase.