Arvest Bank Building New Bentonville Branch
by May 11, 2015 12:00 am 174 views
The dominant bank in Benton County will tap into a growing area of the county following a land purchase of nearly a half-million dollars.
Arvest Bank recently closed a deal to buy a 1.18-acre lot in the Uptown Village addition of southwest Bentonville, near the Walmart Neighborhood Market at the intersection of I Street and Arkansas Highway 12.
The price? $495,000.
The seller? Wal-Mart Stores Inc., which bought the property — six lots totaling 12.14 acres — in March 2013 for $1.9 million.
Bank spokesman Jason Kincy tells us a date to begin construction hasn’t been set. A new location would be the seventh in Bentonville for Arvest, which has 24 offices and $2.4 billion in deposits in the entire county, according to the most recent data from the Federal Deposit Insurance Corp. That’s a market share of about 60 percent.
Kincy said the bank originally planned to build a branch further east, near the Rainbow Curve intersection of Highways 12 and 71. That property is now for sale.