2015-10 Faulkner County Business Journal

OCTOBER 2015

Combining strength, stability and personalized services Conway’s Bank of the Ozarks strives for innovation

PAGE 4D

2D — Sunday, October 18, 2015

Faulkner County Business Journal

To subscribe call (501) 329-2927 • Log Cabin Democrat

Workshop focuses on independently owned small businesses CONWAY CHAMBER OF COMMERCE

A seminar on obtaining designations for small businesses owned by women, minorities and veterans is the second in a series of four workshops focused on the challenges and opportunities facing independently owned and operated enterprises. The Conway Small Business Institute is a collaborative effort between the Conway Area Chamber of Commerce and the University of Central Arkansas’ Division of Outreach and Community Engagement. The organizations formed the Institute to accomplish goals outlined in Conway2025, the city’s long-range strategic plan.

SUBMITTED PHOTO

Gov. Asa Hutchison arrives at the 2015 Conway Downtown Partnership Annual Meeting. He commended Conway for being a leader in making Arkansas a “micro tech hub.”

Asa attends 2015 Downtown Conway Annual Meeting CONWAY CHAMBER OF COMMERCE

The Conway Downtown Partnership held its annual meeting Wednesday, Oct. 14, at Hendrix College. Gov. Asa Hutchinson attended and commended Conway for playing a role in Arkansas’ growth as a “micro tech hub.”

“What a great story Conway has to tell,” he said.

Gov. Hutchinson referenced his visit to downtown Conway earlier this year for the announcement of three high-tech companies and mentioned Conway Corporation’s launch of gigabit Internet service in the downtown Data District.

These announcements, he said, demonstrate Conway’s vision for growth and excellence.

During the annual meeting, Brad Lacy, president and CEO of the Conway Area Chamber of Commerce, announced a new dining and residential option for downtown Conway.

John Daly’s, an American steakhouse, will occupy the first floor of 912 Front Street, and The Lofts at 912 will occupy the second floor.

More information about the renovation is available on the Log Cabin Democrat’s website, TheCabin.net.

The program ended with a panel discussion featuring executives from technology companies in downtown Conway. The panel consisted of Mike Rasmussen, founder and CEO of Eyenalyze; Josh Smith, managing partner for Metova; and Pete Tanguay, president of Rock-Pond Solutions. Jamie Gates, executive vice president of the Conway Area Chamber of Commerce and Conway Development Corporation, moderated the discussion.

Bear State Bank was the presenting sponsor for the 2015 Conway Downtown Partnership Annual Meeting, and Hendrix College was the host sponsor.

Veteran-, Minority- and Women-owned Business Certification The upcoming session – Veteran-, Minority- and Women-owned Business Certification – is scheduled for Thursday, Oct. 29, at UCA’s Brewer-Hegeman Conference Center. The three-hour workshop will last from 9 a.m. until noon, covering each of the three categories. The cost to attend is $50. Pat Brown, director of small and minority business for the Arkansas Economic Development Commission, will begin the session with information about the process for obtaining a minority-owned designation and an explanation of why businesses should pursue it.

Following her talk, Edward Haddock, deputy district director for the U.S. Small Business Administration – Arkansas District Office, will provide an overview of SBA services for small businesses as well as veteran certification programs. During the second hour, Ray Blevins, program director for the University of Arkansas Cooperative Extension Service’s Arkansas Procurement Assistance Center (APAC), will discuss ways business owners can prepare their businesses for government contracts.

A panel featuring local business owners who have obtained business certification will be the final part of the session. Panelists include Linda Linn, owner of Linn’s Auto & Equipment Sales, JSI Metal and Electronic Recycling and U-Pull-It of Conway; Greg Hunt, principal broker and co-founder of Sandstone Real Estate Group; and Anthony Brooks, owner of a certified Minority Business Enterprise (MBE).

How to Register

The Conway Small Business Institute will offer two more workshops in the spring of 2016 as part of the four-part 20152016 series. The remaining sessions are as follows: Thursday, Feb. 25: Human Resources Thursday, March 31: Small Business Finance The registration fee is $50 per workshop. Visit uca. edu/outreach/csbi to register or for more information.

Log Cabin Democrat • Find our online edition at www.thecabin.net

Faulkner County Business Journal

Sunday, October 18, 2015 — 3D

Opening doors to education, not debt CONWAY CHAMBER OF COMMERCE

Central Baptist College recognizes that many students and parents have concerns about the amount of student loans required to finance higher education. That is why CBC now offers the Mustang Advantage Loan Repayment Assistance Program to all incoming freshmen and transfers.

The Mustang Advantage serves as a safety net to empower students to graduate and help them repay their loans while pursuing their dream job.

The Mustang Advantage program provides substantial assistance to students and parents, helping with up to 100 percent of federal, private, and Parent PLUS loans. Offered through a partnership with the LRAP Association, the Mustang Advantage program will be provided at no cost to students or families and provides financial assistance to

DOORS < 6D

2015 Business Expo and Taste of Conway CONWAY CHAMBER OF COMMERCE

The Conway Area Chamber of Commerce’s Business Expo and Taste of Conway, presented by Southwestern Energy, took place Thursday, Oct. 15, at the Conway Expo Center and Fairgrounds. The event included a breakfast, a business-to-business trade show and concluded with Taste of Conway.

At the breakfast, Jamie Gates, executive vice president at the Conway Area Chamber of Commerce, gave a presentation on MyAcxiomPartner, a data-driven marketing tool that can help local businesses with targeted marketing campaigns. Conway Corporation and Baptist Health were the breakfast sponsors.

The business-to-business trade show followed the breakfast and continued throughout the day and evening. This year’s trade show featured more than 100 booths from local businesses. The theme was “Solving Mysteries in Business.” Exhibitors participated in a “Conway Clue” game to encourage networking, and many vendors incorporated a mystery theme into their booth decorations. Central Baptist College’s “Mustang Machine” theme, modeled after Scooby Doo, won Best Booth for its interpretation of the mystery theme. Pro Auto Collision Repair and Towing won Most Innovative Booth. For $1, participants could enter for a chance to drive Pro Auto’s Dodge Hellcat. Proceeds were donated to the Children’s Advocacy Alliance.

Scott Bennett, director of the Arkansas

EXPO < 6D

SUBMITTED PHOTOS

BEST BOOTH: Central Baptist College; MOST INNOVATE BOOTH: Pro Auto Collision Repair and Towing, Crafton Tull, Crain Buick GMC and Crain Kia, First Service Bank, Regions Bank and Rogers Group Inc.

4D — Sunday, October 18, 2015

Faulkner County Business Journal

To subscribe call (501) 329-2927 • Log Cabin Democrat

Combining strength, stability and personalized services Conway’s Bank of the Ozarks strives for innovation

By TED WAGNON

A

s one of the country’s best places to live and work, Faulkner County deserves top-quality financial services, too. That is exactly what you get when you do business with Bank of the Ozarks, which for five consecutive years has been recognized as the nation’s best bank by leading financial publications.

You can enjoy the strength, security and services usually associated with big banks, delivered by local bankers you know and trust, and who understand your financial needs. Derrek Thomason, submitted photo a 27-year banking professional, is Con- Derrek Thomason, a 27-year banking professional, is Conway Division President for Bank of the Ozarks; he way Division President for Bank of the sees the bank’s combination of strength, stability and personalized services as ideally suited to the needs Ozarks; he sees the bank’s combination of Faulkner County customers. of strength, stability and personalized services as ideally suited to the needs of “Thirteen years ago, we were still a Conway North, Conway East, Conway Faulkner County customers. small town bank with big bank prod- Main and Conway Salem. Thanks to “We are in a very vibrant market ucts,” Shaw recalled. Today Bank of the bank’s investment in superior techwith three colleges, a young and well- the Ozarks has 174 offices across nine nology, customers enjoy innovative new educated workforce, a diversity of em- states and total assets of $8.71 billion products, including secure online and ployers and significant business and as of June 30. mobile banking. residential growth,” he said. “At the That growth notwithstanding, Shaw Business customers can enjoy these same time, we are a strong and stable said, “When you come to Bank of the online banking services: financial institution with an extreme- Ozarks, you still bank with an individ•Pay bills electronically – free, some ly talented staff. Five of our local lend- ual who takes the time to understand restrictions apply ers have over 25 years’ experience each, your unique business needs so we can •Payroll making all kinds of loans to small busi- offer the products that are best for you.

•Collections nesses, professionals, builders and de- And we make it easy to bank, because •Tax payments velopers. We measure our success by many approvals and lending decisions •ACH payments and receipts helping customers grow their business- are still made locally.” Faulkner Coun•Wire transfers es to become more successful.“ ty is an exciting place to be a bank•Check balances and activity on ac“Our strength also means we can er because it is so high-energy, Thoma- counts serve retail customers who need 24/7 son and Shaw said. That dynamism is •Transfer funds between accounts access to their accounts and who want driven by a fast-growing retail sector, a •View banking history consumer loans and home mortgages at strong technology-based economy and •View check images competitive prices,” Thomason said. the quality of colleges and secondary •Statement history available (sysSarah Shaw, Executive Vice Presi- schools. Both bankers said the commu- tem accumulates statement history foldent at the bank’s Conway Salem loca- nity is notable because younger gener- lowing enrollment) tion, is a Conway native who became a ations are able to get an education and •Download account information into banker in 1985 and joined Bank of the find good careers locally, and because QuickBooks® and/or Quicken® Ozarks in 2002. At that time, the bank the area welcomes new residents who •Change your address and the city were significantly smaller. come for college or career opportunities.

•Issue stop payments She said the leaders of Faulkner CounAs Conway has grown, Bank of the Personal accountholders can downty and Bank of the Ozarks are doing an Ozarks has expanded its services and load the mobile banking app to their excellent job of managing their respec- physical footprint in the communi- smartphone or tablet to access account tive growth. ty. The bank has four offices, dubbed information, deposit checks, transfer

funds immediately between their Bank of the Ozarks accounts and pay bills anywhere and anytime.

Earlier this year the bank launched Popmoney, a feature that allows users to pay anyone, anytime, using their mobile device. For example, parents can use Popmoney to deposit money into a college student’s account. The student can use Popmoney to pay his or her share of rent and utilities by instantly depositing funds into a housemate’s account.

When George Gleason became Chairman and CEO of Bank of the Ozarks in 1979, it was a small institution with two dozen employees and offices in two cities.

He was a 25-year-old attorney with no banking experience but he had a strategy for success. From the first day, Gleason emphasized to employees that integrity and service would always come first.

That focus on customers has allowed the bank to grow to 173 offices in nine states, including the four locations in Faulkner County, and to be recognized as the best bank in the nation.

Bank of the Ozarks’ employee mantra is to “be accessible to our customers always,” and that commitment is visible every day at its Faulkner County offices. Conway and the surrounding area are a highly competitive market with numerous banks offering similar products. In a market where customers have multiple choices, they look for a bank with outstanding strength, professionalism and consistent service.

Both Thomason and Shaw said Bank of the Ozarks thrives in Faulkner County by offering a unique combination of financial strength, technology that increases customer convenience and control over their accounts and personalized professional attention to every customer’s needs. “Our customers can be assured we are a very strong financial institution with a highly skilled team of bankers,” Thomason said. “This strength means Bank of the Ozarks is competitive on pricing, offers innovative products and takes care of every customer’s unique needs with a high level of personal service.”

Log Cabin Democrat • Find our online edition at www.thecabin.net

Sunday, October 18, 2015 — 6D

Faulkner County Business Journal

DOORS from 3D graduates who fall below certain income thresholds after graduation. The assistance will continue until the graduate’s income rises to a certain level or until the loans are completely paid off. Upon enrollment, CBC students will be entered into the Mustang Advantage program, and will receive specifics on the lower and upper income thresholds that determine how much assistance they will receive after graduation. CBC is ranked by the US News and World Report as one of the Best Regional Colleges in the South. “As an institution that takes pride in our graduates’ outcomes, we celebrate this new program as one of the many ways that we are doing our part, to support our students and their successful futures without having to worry about the debt,” said CBC President Terry Kimbrow. Come for a visit or attend a Stampede Open House on Thursday, November 12, from 4:30 p.m. to 6:30 p.m. and on Friday, February 19, from 2:30 p.m. to 4:30 p.m. Representatives will be on hand to talk about the Mustang Advantage and Financial Aid. Contact CBC Admissions to register for these dates at 501-329-6873 or www.cbc.edu/visit.

For more information about CBC, and to see terms and conditions for the Mustang Advantage program, please visit cbc.edu/mustangadvantage.

EXPO from 3D

Price $655,000 $543,260 $415,000 $400,000 $343,000

Address 384 Pippinpost 1680 Warwick Hills 5405 Lost Canyon 3125 Majestic Circle 2610 Glohaven Drive

Beds/Baths 5 6 0 5 5 1 4 4 0 4 2 1 4 3 2

Subdivision Pippinpost St. Andrews Centennial Valley Cresthaven Cresthaven Sub Ph II

SQFT $/SqFt 6955 98.49 4100 132.93 3334 128.67 4252 107.95 3813 95.7

Built 1993 2015 2007 1999 2007

Zip 72034 72034 72034 72034 72834

State Highway and Transportation Department, provided updates on highway developments in Conway and Faulkner County during lunch.

Garver was the lunch sponsor.

The day concluded with Taste of Conway. From 5-7 p.m., 26 restaurants and caterers distributed samples of their best menu items. Preferred Medical was the Best Taste Sponsor.

Snap-on was the platinum sponsor for the 2015 Business Expo and Taste of Conway. Gold sponsors included Crafton Tull, Crain Buick GMC and Crain Kia, First Service Bank, Rogers Group Inc., Regions Bank, and Whisinvest Realty LLC.

7D — Sunday, October 18, 2015

Faulkner County Business Journal

To subscribe call (501) 329-2927 • Log Cabin Democrat

EconomyGlance Pulse of Conway

2013-14 ...........................2.2% *Tax Rate 0.5%

Unemployment Rate August 2015 Seasonally Adjusted US.....................................5.1% Arkansas..........................5.4%

Restaurant Sales* August 2015......................$14,229,838 2014........................14,810,733 Percent Change.............. -3.9%

Not Seasonally Adjusted US.....................................5.2% Arkansas...........................5.0% Faulkner County.............. 4.6% Conway .............................4.4%

Year to Date (August) 2015....................$121,432,608 2014......................117,083,505 Percent Change...............3.7 %

By Roger Lewis

Sales Tax Collections Conway* July 2015........................$2,027,966 2014..........................1,901,417 Percent Change ...............6.7% Year to Date (July) 2015..................$13,656,855 2014..................$13,166,845 Percent Change 3.7% Annual 2014......................$23,416,628 2013........................23,235,891 2012........................22,944,163 Percent Change 2013-14.............................0.8% *Tax Rate 1.75% Faulkner County* July 2015...........................$851,040 2014.............................720,510 Percent Change............. 18.1% Year to Date (July) 2015........................$5,160,796 2014..........................4,934,456 Percent Change............... 4.6% Annual 2014........................$8,774,109 2013..........................8,588,835 2012..........................8,465,686 Percent Change

2014...........................$152,788 Percent Change................8.6% * sold by realtors Data source: Cooperative Arkansas Realtors Association Conway Building Permits Single Family Homes Year to Date (September) 2015......................119 Permits 2014........................84 Permits Percent Change..............41.7%

Annual Sales 2014....................$176,205,965 2013......................164,519,369 2012......................161,318,563 Percent Change 2013-14 ............................7.1% *Including mixed drink sales

Hotel Sales August 2015........................$1,445,610 2014..........................1,532,212 Percent Change...............-5.7%

Annual 2014......................119 permits 2013......................147 Permits 2012......................186 Permits 2011......................153 Permits Percent Change 2013 – 2014...................-19.0%

Year to Date (August) 2015......................$12,710,315 2014........................13,491,524 Percent Change.............. -5.8%

Annual 2014.................................2,929 2013.................................3,002 2012.................................2,910 2011.................................2,814 Percent Change 2013-2014........................-2.4% * Total under roof

Annual Sales 2014......................$19,336,169 2013........................18,559,308 2012........................18,683,677 Percent Change 2013 – 2014...................... 4.2% Real Estate Market* New and Existing Residential Units Sold In Faulkner County Year to Date (July) 2015..........................931 Units 2014..........................859 Units Percent Change................8.4% Average Price 2015..................$165,944

Average Square Footage* Year to date (September) 2015.................................2,981 2014.................................2,835 Percent Change................5.1%

Average Construction Cost* Year to Date (September) 2015...........................$247,918 2014...........................$213,889 Percent Change..............15.9% Annual 2014...........................$220,311 2013.............................228,275 2012.............................207,537 2011.............................204,387 Percent Change

2013 – 2014.....................-3.5% *Not including lot or lot improvements Average Construction Cost Per Square Foot* Year to Date (September) 2015...............................$83.00 2014...............................$75.45 Percent Change..............10.0% Annual 2014...............................$75.22 2013.................................76.04 2012.................................71.33 2011.................................72.64 Percent Change 2013 – 2014.....................-1.1% *Not including lot or lot improvements -total under roof Lottery Sales Faulkner County Year to Date (September) 2015......................$10,954,159 2014........................10,786,605 Percent Change................1.6% Annual 2014......................$14,193,204 2013........................17,038,277 2012........................16,943,909 Percent Change 2013 - 2014....................-16.7% Total State Year to Date (September) 2015....................$317,933,215 2014......................303,538,269 Percent Change................4.7% Annual 2014....................$401,251,365 2013......................432,932,798 2012 .....................452,245,217 Percent Change 2013 - 2014..................... -7.3% Total State Lottery Sales Since Inception (October 2009)

$2,663,300,820 Natural Gas Severance Tax Distribution Conway Year to Date (October) 2015...........................$229,660 2014.............................311,299 Percent Change............ -26.2% Annual 2014...........................$363,837 2013.............................276,523 2012.............................162,523 Percent Change 2013 - 2014.....................31.6% All Other Faulkner County Municipalities Year to Date (October) 2015.............................$55,495 2014...............................78,432 Percent Change........... -29.2% Annual 2014.............................$91,610 2013...............................69,671 2012...............................40,932 Percent Change 2013 – 2014....................31.5% Faulkner County* Year to Date-(OCTOBER) 2015...........................$186,540 2014.............................253,561 Percent Change.............-26.4% Annual 2014...........................$296,411 2013.............................224,455 2012.............................131,418 Percent Change 2013 – 2014..................32.1% *This is the amount received by the County government and is in addition to that received by the municipalities.

Information provided by Pulse of Conway