Arkansas Federal Credit score Union buys land for 2nd Rogers department

Little Rock-based Arkansas Federal Credit score Union (AFCU) is planning to construct a second retail location in Rogers.

The corporate closed a deal in October to purchase 2.2 acres of bank-owned land on South 52nd Avenue for $1.6 million. The acquisition worth is roughly $16.75 per sq. foot. A restricted legal responsibility firm managed by Chambers Financial institution was the vendor.

Valerie Erkman, AFCU’s chief advertising officer, stated the corporate plans to open the department by the tip of 2023.

In response to the Nationwide Credit score Union Administration, AFCU is the state’s largest credit score union and has roughly 141,000 members and greater than 400 workers. The credit score union surpassed $2 billion in property earlier this 12 months, a results of document web revenue every of the earlier six years.

AFCU operates 20 branches all through central and Northwest Arkansas. The present Rogers department is at 2000 W. Walnut St.

“We’re persevering with to speculate closely in our department footprint and our digital banking community in order that we are able to proceed to make a distinction for extra Arkansans,” stated Rodney Showmar, AFCU’s president and CEO. “As we proceed to develop our asset dimension, we are able to make investments extra in digital and in-person channels. It additionally permits us to proceed to rent extra Arkansans and make investments extra within the communities we serve.”

AFCU’s second Rogers department is on the intersection of South 52nd Avenue and Horsebarn Highway/Magnolia Avenue. The credit score union’s land buy means lenders management three of the intersection’s 4 corners. Missouri-based Sterling Financial institution is nearing completion of a department location at one nook and Arkansas-based Armor Financial institution purchased land earlier this 12 months with plans to construct on one other.

Mercy Well being operates a clinic on the fourth nook.