WEST LITTLE ROCK, Ark.–Credit unions in New Mexico and Arkansas have announced plans for new headquarters.
Arkansas Federal Credit Union has purchased the building now occupied by Family Life here for more than $12 million, with plans to make it its new headquarters. Arkansas FCU, currently headquartered in Jacksonville, Ark., said it expects the transition will take 18-24 months.
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, according to TalkBusiness.net. The Little Rock Air Force Base and Jacksonville branches will be maintained, in addition to some back-office staff.
“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,” Rodney Showmar, president and CEO of Arkansas Federal, said in a statement. “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.”
When the remodel is substantially completed in 2021, the space will be able to expand to nearly double staff.
The $1.2-billion Arkansas FCU has 15 branches and approximately 111,000 members.
Los Alamos Credit Union to Get New Home
Meanwhile, in New Mexico, Los Alamos Public Schools Credit Union is getting a new home after the County Council unanimously approved the sale of a stretch of green space that runs along the parking lot in front of the city’s municipal building.
The sale price, according to agenda documents cited by the Los Alamos Daily Post, is $360,950. The building that will be constructed at this location will not only house the LAPS Credit Union but also the Los Alamos Public Schools Foundation. The hope is to have the construction completed by the first or second quarter of next year, LAPS Credit Union CEO Matt Schmidt told the Daily Post.
The new location will be a welcome change for the credit union, Schmidt told the publication, as the credit union’s current location inside the Pueblo Complex on Diamond Drive was never really intended for a financial institution.
“This does check a lot of boxes for us, for our members and for the community as well,” Schmidt was quoted as saying.
According to the Daily Post, the new building will be 3,800 square feet.
During a meeting on the sale, at least one local resident opposed the sale, saying the credit union should pursue one of the vacant commercial buildings rather than paving over one of the few green spaces in Los Alamos, according to the Daily Post.
The $20-million Los Alamos Public Schools Credit Union has approximately 1,819 members.