That?s Amor?! Bank Grows Through Tontitown Branch

When Arkansas State Bank branched into Tontitown last June, it placed more than a company sign in front of its 5,500-SF office on Henri de Tonti Boulevard. The $1.25 million branch erected a special pole to fly the red, green and white Italian flag alongside the flags of the United States and Arkansas.

Arthur Morris, the bank’s CEO, said the gesture wasn’t simply a marketing ploy aimed at the town’s predominantly Italian population. He said it was a signal that Arkansas State Bank intends to be a real part of the community.

“The Italian people there think it’s really great,” Morris said. “The building also has an Italian flair. We just wanted to show the people that we were truly there to stay. The main purpose for building in Tontitown though was we thought there was a strong need for another bank west of Interstate 540, and that’s proven to be true.”

Of the 25 banks in Northwest Arkansas for which local data is available, Arkansas State Bank grew its deposits 15.5 percent from $94.6 million in 2002’s second quarter to $108.96 million in the third. Last year’s third quarter figures (see chart below) were recently made public.

The next best in the two-county area was 5.8 percent by Bank of Arkansas in Fayetteville, which grew its deposits from $149.73 million in 2002’s second quarter to $158.46 million in the third.

Ken Shireman & Associates P.A. of Fayetteville was the architect and general contractor on the project. Shireman said the branch has an additional 1,000 SF of attic storage space.