PRAIRIE GROVE -- A proposal to sell the Arvest Bank main branch in Prairie Grove to the school district would be a win for the school, a win for the bank's customers and a win for the community, according to Mike Willard, president and chief executive officer for Arvest Bank for the Prairie Grove, Lincoln, Farmington and West Fork region.
Arvest plans to build a new branch at 1031 Sundowner Road, off Heritage Parkway and next to Dollar General.
Willard said bank officers believe the site along the bypass will be an excellent location to provide better access and better service for bank customers.
"It will be a more visible, bankable building," Willard said.
At the same time, he said, Arvest did not want to move from its downtown building at 102 E. Buchanan St., without having another business occupy the space.
"We feel it's important not to have empty buildings downtown," Willard said, adding a larger unoccupied building downtown would have the potential to be looked upon negatively by the community and people coming to visit downtown.
Prairie Grove School District was the only organization to submit a written offer for the bank property, but the city also was interested in the building. Willard said he received verbal offers from other parties, including one from Prairie Grove Mayor Sonny Hudson.
Last week, Hudson said the city has talked to Arvest for years about the possibility of purchasing the main branch if Arvest ever moved.
"The last two years or longer it's been more serious," Hudson said, adding the city was interested in using the bank building for a new Prairie Grove Public Library.
Hudson said the city last made a verbal offer of $500,000 with the idea it would pay part of it down and use a five-year, short-term loan for the balance. When he heard the school district also was interested in the property, Hudson said he realized the city would not be able to compete with the school.
"It is good for them and it would have been good for us, too," Hudson said.
Arvest has not finalized design plans for its new branch. If Prairie Grove School Board approves a contract to purchase the building on Buchanan, then the transaction goes through a 90-day due diligence process required by state banking regulations.
Construction would probably start at the end of the 90 days and would take eight to nine months, Willard said.
He estimated Arvest would be in its new building by this time next year.
Willard said Arvest is still making decisions on its other facilities in Prairie Grove. The drive-through and ATM across from Mock Park on Buchanan Street will stay open until the bank moves into its new branch. Arvest will probably phase out the drive-through but may leave the ATM open for customers.
Arvest will eventually close the stand-alone ATM machine on Douglas Street, Willard said.
General News on 03/22/2017