Little Rock-based Arkansas Federal Credit Union (AFCU) is planning to build a second retail location in Rogers.
The company closed a deal in October to buy 2.2 acres of bank-owned land on South 52nd Street for $1.6 million. The purchase price is approximately $16.75 per square foot. A limited liability company controlled by Chambers Bank was the seller.
Valerie Erkman, AFCU’s chief marketing officer, said the company plans to open the branch by the end of 2023.
According to the National Credit Union Administration, AFCU is the state’s largest credit union and has approximately 141,000 members and more than 400 employees. The credit union surpassed $2 billion in assets earlier this year, a result of record net income each of the previous six years.
AFCU operates 20 branches throughout central and Northwest Arkansas. The existing Rogers branch is at 2000 W. Walnut St.
“We are continuing to invest heavily in our branch footprint and our digital banking network so that we can continue to make a difference for more Arkansans,” said Rodney Showmar, AFCU’s president and CEO. “As we continue to grow our asset size, we can invest more in digital and in-person channels. It also allows us to continue to hire more Arkansans and invest more in the communities we serve.”
AFCU’s second Rogers branch is at the intersection of South 52nd Street and Horsebarn Road/Magnolia Street. The credit union’s land purchase means lenders control three of the intersection’s four corners. Missouri-based Sterling Bank is nearing completion of a branch location at one corner and Arkansas-based Armor Bank bought land earlier this year with plans to build on another.
Mercy Health operates a clinic at the fourth corner.