The Arkansas Federal Credit Union today announced the purchase of a West Little Rock building for $12 million to be its new headquarters.
The building is currently occupied by Family Life, the Christian nonprofit that announced last September that it is relocating to Orlando, Florida, next summer after operating in Little Rock for more than 40 years.
The Arkansas Federal Credit Union is moving from a Jacksonville headquarters to Little Rock over the next 18 to 24 months.
More from the AFCU’s press release:
The 97,000 square foot building at 5800 Ranch Drive will accommodate growth plans for Arkansas Federal, and will allow the organization to add a new branch location to better serve that growing area of central Arkansas.
“After a three-year search for space to accommodate our growing operations and membership, we felt the building’s size, quality, location and value were the perfect fit for us,” said Rodney Showmar, president and chief executive officer of Arkansas Federal. “We are excited to be able to have all of our operations staff under one roof in this new facility. We have continued to invest heavily in IT, training and marketing, and the additional space sets us up for growth for generations and gives us flexible floorplans, abundant natural light, and greater amenities for our employees.”
“I am thrilled that Little Rock could provide the solution for Arkansas Federal Credit Union’s growth and expansion needs,” Little Rock Mayor Frank Scott, Jr. said. “Through this move, Little Rock is helping preserve the jobs of hundreds of employees who live in our region and creating opportunity for hundreds more.”
Family Life will continue operating at the Ranch Drive location through August of this year, and then Arkansas Federal will begin remodeling and retrofitting the space to accommodate a large retail branch focused on consumer and business deposits and loans, as well as mortgage, insurance and investment offices. When the remodel is substantially completed in 2021, the space will initially house approximately 200 employees and will be able to expand to nearly double that number of staff.
“Jacksonville has been a great home for the past 60+ years, and we will continue to have a strong presence in Jacksonville,” Showmar said. Both the Little Rock Air Force Base and Jacksonville branches will be maintained, in addition to some back-office staff.
Arkansas Federal currently operates 15 branches throughout the central Arkansas, the River Valley, and northwest Arkansas. The credit union is currently in the process of adding branches in Sherwood, Maumelle and Benton.
“I’ve had the privilege of helping Arkansas Federal grow with new branch locations across Arkansas for many years,” said Jeff Hathaway, president and chief executive officer of Hathaway Group in Little Rock, “but it’s really special to see such a great organization grow to the point of making a purchase like this. They’ll have a Class A facility that matches the work their team does, and they’ll have room to grow.” Hathaway represented Arkansas Federal in the acquisition of the new building.
“Arkansas Federal is known for providing extremely competitive loan rates, high deposit rates and friendly, professional service,” said Eric Mangham, senior vice president and chief financial officer for the credit union. “The new space gives us room to continue to add more products and services and more staff in a very cost-effective and flexible space that will allow us to continue to be value- and technology-focused for our members.”