SUNDAY, MARCH 28, 2010
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OUTLOOK 2010
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THE JONESBORO SUN
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E13
www.jonesborosun.com
‘Grown so fast’ Liberty Bank official: Opportunity ahead BY JOHN M. FLORA SPECIAL TO THE SUN
JONESBORO — Liberty Bank has enjoyed rapid growth in its first nine years, and bank President John Freeman sees a bright future, despite the nationwide recession. “Our story is unique,” Freeman said. “We’ve grown so fast since 2001. For us to be a $2.5 billion bank in that short time is remarkable. And in spite of the economic downturn, we feel like we’re positioned quite well. “We’re poised for a lot more growth in the future. We look for every opportunity to expand our bank, and if the right opportunity comes along, we’ll seize it,” he said. Freeman said he sees interest rates remaining flat for the rest of 2010 but believes the recession has bottomed out. Despite the economic downturn, he said, the bank’s home loan department had one of its best years ever in 2009. He cites data from the Arkansas Realtors Association showing statewide home sales rose by 33 percent in 2009. Consequently, Liberty Bank’s mortgage department made 1,110 home loans for more than $143 million last year.
Liberty Bank, headquartered in Jonesboro, has 619 employees in 45 branches statewide.
Partnership In an effort to serve customers in places where Liberty doesn’t have branches, he said, the bank has partnered with Walgreens to offer Liberty ATM service in Fayetteville, Rogers, Bella Vista, Springdale, Fort Smith, Alma, Batesville and Searcy. Liberty bank customers can now use these 16 new ATMs without paying transaction fees. Liberty has also partnered with Velocity to offer customers rewards for debit card usage. Customers can now earn prizes by using their Liberty debit card for everyday purchases. Prize certificates are issued quarterly, and customers can bank their points or order prizes from mylibertyrewards.com. Freeman said he is proud of Liberty Bank’s role in the Jonesboro community. The bank has worked with several nonprofit organizations and school systems to improve financial literacy. Liberty Bank has provided classes to more than 15
John M. Flora | Special to The Sun Photo Illustration
Liberty Bank teller Mitul Patel uses the drive-through video link to help bank employee Amy Osment check her balance in this photo illustration. organizations and schools across the state, teaching budgeting, credit repair, how to get credit and how to balance a checkbook. Liberty also co-sponsors workshops for small business owners in partnership with the Small Business Development Center.
Employees recognized Several Liberty Bank staff members earned community recognition in the past year: Brad Crawley, vice president for informa-
tion systems, and Nathan Harris, assistant vice president for lending, were selected as two of Northeast Arkansas Business Today’s 2010 Outstanding Young Executives, and Lisa Gazaway, marketing officer at Paragould, was chosen as one of Northeast Arkansas Businesses Today’s 2009 Outstanding Young Executives. Lorre Gookin earned the designation of Certified IPA Services Professional from the Institute of Certified Bankers. April Biggs received
the Outstanding Young Professional Award from the Jonesboro Regional Chamber of Commerce. Libby Donohue was the recipient of the Roy H. Jolly Volunteer Award from the Jonesboro Regional Chamber of Commerce. It is the highest award bestowed on a chamber member for community service. Donohue was recognized for her work in the Winter Wonderland seasonal display in downtown Jonesboro. Wallace Fowler, Liberty Bank chairman and
chief executive officer, was honored by the Arkansas Sheriffs Youth Ranches at the Arkansas Children’s Award Dinner. Jama Fowler was honored by AY magazine as one of the Most Powerful Women in Arkansas for philanthropy. Freeman said Liberty Bank is expanding its services with the addition of mobile banking, which also includes bill pay. Freeman said Liberty Bank has about 40 percent of the market share in Craighead County.
First Security plans to expand BY KARIN HILL SUN STAFF WRITER
John M. Flora | Special to The Sun
Focus Community Bank President Chad Waggoner goes over a financial document with customer Jason Marshall of Jonesboro in Waggoner’s office at 406 Southwest Drive.
Bank focuses on innovation BY JOHN M. FLORA SPECIAL TO THE SUN
JONESBORO — Focus Bank is weathering the recession well and is focused on offering its customers a variety of innovative products and services. Bankrate.com, a partner of MSN Money and one of the Internet’s leading aggregators of information on more than 100 financial products, gives the Charleston, Mo.-headquartered bank a stable 4-star rating. Based on data collected last Sept. 30, the site reports Focus Bank had deposits of nearly $434 million, loans of more than $476 million and equity of nearly $56 million, assessing the institution’s return on equity as “very healthy.” Focus Bank reported earnings of $2,580,000 in the 9-month period ending last Sept. 30. Focus is celebrating its 80th birthday this year. The institution began as First Security State Bank in 1930 in Charleston, Mo. A multi-bank holding company, Security State Bancshares, was formed in 1987, and the bank began a period of expansion. The first Arkansas branch opened as the Bank of Paragould in October 1998. Building on success in the Paragould and Marmaduke markets, the bank expanded to Jonesboro. The company was renamed under the unifying name of Focus Bank. Also at this time, a new branch opened on Linwood Drive in Paragould along with an additional Jonesboro branch. Focus Bank now serves its customers with a dozen locations throughout Northeast Arkansas and Southeast Missouri. In addition to those branches, Focus maintains 15 ATMs in nine communities in the region. Regional Bank President Glen Burnett said Focus Bank remains committed to growing and expanding in this area. “My goal is to achieve our mission of delivering exceptional financial services by seeking insight from our clients, exceeding shareholder expectations, empowering our staff to achieve personal and professional goals and making a difference in our communities,” Burnett said. Focus Marketing Director Anna Ferrell said a third Jonesboro Focus
Focus Bank Founded: 1930 Headquarters: 101 South Main St., Charleston, Mo. 63834 President and CEO: Don Burnett Regional Bank President: Glen Burnett Branches: 12 in Arkansas and Missouri ATM Locations: 15 in nine communities Employees: 170 Web site: www.focusbank.com Bank location is planned for the Hilltop area of Jonesboro. She cited an array of innovative products and services offered to customers in the past year, including online account opening, mobile banking, MAXTunes checking and the MAXSavers program. MAXTunes is a free checking account that earns free iTunes downloads monthly and qualifies the depositor for free ATM fee refunds nationwide. MAXSavers and MAXimum
‘My goal is to achieve our mission of delivering exceptional financial services by seeking insight from our clients ... and making a difference in our communities.’ Glen Burnett regional bank president, Focus Bank free checking work together to save automatically by making a monthly interest deposit and assuring nationwide ATM fee refunds of up to $25 per statement cycle. Ferrell said the mix of products and services puts Focus Bank on par with the mega banks. And, she said, the ability to open accounts online, makes Focus a community bank for anyone in Missouri, Arkansas, Tennessee, Kentucky and parts of Illinois. Without the need for a building to represent a bank, customers can open and manage their accounts online, day or night, 365 days a year.
JONESBORO — Two years after its first permanent office in Jonesboro was completed, First Security Bank has experienced steady growth and has plans for expansion. One of the most significant areas of growth was in the mortgage lending division, President and CEO Brad Edwards said. “Our ability to underwrite long-term mortgage loans allows us to respond quickly to customer requests and close transactions in a timely manner,” he said. “We recently added another mortgage loan officer and processor that effectively doubled the size of our mortgage operation and allows us to provide home loans from our Southwest Drive banking facility as well as the main office on Stadium Boulevard.” First Security originally was chartered more than 75 years ago in Searcy as a privately owned, community-based bank. Ownership remains private today with the same owner since 1977. Jonesboro operations began in 2006 with two temporary locations opening simultaneously — a first for Jonesboro — in the fall. Construction of the main office was complete in February 2008, and the new branch facil-
First Security Bank Locations: 1341 Stadium Blvd.; 313 Southwest Drive Web site: www.firstsecu ritybank.org Local key officers: Brad Edwards, president & CEO, Jonesboro; Michael Polk, vice president of lending; Beth Crockett, vice president and mortgage loan originator; Stephanie Nelson, mortgage loan originator ity on Southwest Drive was completed in July of the same year. The bank has 17 employees, a 21 percent increase over last year. The mortgage lending staff alone doubled during that time. First Security also experienced significant growth in market share from 2008 to 2009. The
growth rate was 124 percent, making First Security one of the fastest growing banks in Jonesboro in 2009, Edwards said. He said there are plans to hire additional staff to support growth anticipated in 2010, including more lending personnel. “Branch expansion is also possible for 2010 to better serve our customers and the community,” he said. Reynie Rutledge serves as chairman of the Searcy-based corporation. Supported by the strength of $369 million in total capital and $3.160 billion in assets, First Security touts its ability to meet any financing need right here in Arkansas. There are more than 900 employees covering locations throughout the state. khill@jonesborosun.com
James Byard | The Sun
The First Security Bank located at 313 Southwest Drive in Jonesboro.
Southern increases reach in NEA JONESBORO — Southern Bank operates 14 branches in Northeast Arkansas and Southeast Missouri. Founded as a savings and loan in 1887, it was converted from a mutual form of ownership to a stock savings bank in 1994. In 2004 the company changed its charter from a savings to a commercial bank. Since 2006, it has opened or acquired branches in Sikeston and Matthews, Mo., and Jonesboro, Paragould, Leachville and Brookland. In the 4-year period ending Dec. 31, assets grew by $186 million, or 54 percent, a compounded annual growth rate of over 11 percent, according to a news release. Branches in Paragould and Jonesboro have been remodeled with ribbon cuttings and open houses held in Paragould on March 25 and 26 and scheduled in Jonesboro for April 8 and 9. The bank offers a wide array of financial services including real estate, operating and other con-
Southern Bank Principal officers: Greg Steffens, president and chief executive officer; Lindley Smith, Jonesboro market president; Kimberly Capps, chief operations officer; Bill Hribovsek, chief lending officer; Matt Funke, chief financial officer; Lora Daves, chief of credit administration On the Web: www.bank withsouthern.com sumer loans; certificates of deposit; savings and checking accounts; Internet and mobile banking with bill payment services; cash management products; debit and ATM cards. Because of its background as a savings bank, Southern is one of a few
banks that will make longterm fixed-rate loans without selling them into the secondary market, according to a news release. In 2009 Southern saw balances in its Kasasa Cash accounts, a checking account with an available 5.01 percent APY, almost triple becoming nearly 10 percent of total deposits, according to the news release. Its agricultural lending portfolio continues to grow and now makes up nearly 15 percent of total loans. Southern has a current employment of 140, which increased substantially in 2009 with the acquisition of four branches in Northeast Arkansas. Southern Bank’s Jonesboro office is at 2775 East Nettleton Ave.
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