Strong Economy Contributes to Bank Growth in Region 8 - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro, AR--Tiffany Blankenship Reports

Strong Economy Contributes to Bank Growth in Region 8

January 10, 2005--Posted at 6:00 p.m. CST

JONESBORO-- The Arkansas State Bank Department says that a strong economy has contributed to bank growth, and much of that business is done right here in Region 8.

    "Craighead County is in the top 6 counties in the State, out of 75 counties, in total deposits," Steve McFerron of American State Bank says.

    The branches is Northeast Arkansas are steadily growing, and with a bank on every corner and some in the works, there is still plentiful business to go around.

    Kent Bridger of Simmon's Bank says, "Over the last decade it's really been a real competitive industry in the number of branches. A lot of that has to do with the fact that were such a rural state and it takes so many branches to basically facilitate the financial industry and the transactions."

    "We have a good diverse economy. We have been very proactive in recruiting industry," McFerron says.

    John Freeman of Liberty Bank says, "Jonesboro has just positioned itself for growth and our community leaders have been very aggressive and progressive in their thoughts as to what we need to have to grow."

    "The large emphasis we have in the health services industry. That industry continues to grow and prosper," Bridger says.

    With the increase in business, up six percent from 2003, branches in Jonesboro will continue to build with the economy on the rise.

    "On the drawing board is another branch for Jonesboro. So we'll add two branches this year," McFerron says.

   "In Northeast Arkansas we have 15 locations. We're also expanding into the Batesville market. We just recieved approval to add a branch there," Freeman says.

   

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