Steve Kelly’s Post

BY THE NUMBERS (NWA edition!): At 6/30/23...The FDIC reported in Benton, Madison, and Washington Counties in AR that there were 39 banks with over 200 branches and $16.4 billion in total deposits. The top five banks owned over 66% of the total deposit market share and 41% of the total branch count. They are listed below (market share %): 1) Arvest Bank (42.69%) 2) First Security Bank (8.47%) 3) Bank of America (5.26%) 4) Legacy National Bank (5.11%) 5) Signature Bank of Arkansas (4.48%) Arvest Bank completely dominates the region in terms of deposit market share and has 2.5x the branch network of the #2 bank First Security Bank and over 10x the branch network of the #3 bank Bank of America. Deposit growth in the three counties in the last five years has been north of $5.3 BILLION and there have been six new banks enter the market during that period - up to 39 from 33. Over half (20 of 39) of the banks on the list have just one or two branches in NWA, which makes it feel like there's a different bank on every corner. Living in the #Ozarks, we hear a lot about why everyone loves NWA and either wants to move there, develop/invest in real estate there, or expand/start a business there. It's an amazing place to work, live, and play and it has experienced substantial growth in the last decade. To keep an eye on what's all happening down in this great part of the world, make sure to follow Paul Gatling and the NWA Business Journal. When are you headed there next? Redmon Capital, Inc, Kevin, Anne, Robert, Brad, Brian, Ladd, Gary, Matt, Mindy, David, Jim, Aaron, John, Blake, Richard, Nabholz Corporation, Splash Car Wash & Oil Change, Monty, Eric, Greater Bentonville Area Chamber of Commerce, Brad