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Sterling Bank has announced its plans to enter the northwest Arkansas market by opening a loan production office on June 1 at 1607 N. College Ave. in Fayetteville.
Headquartered in Poplar Bluff, Missouri, Sterling Bank has two locations in St. Louis, numerous locations throughout southeast Missouri, a location in the Chicago suburb of St. Charles, Illinois, and is set to open its newest location in Kansas City, Missouri this spring.
The bank’s plans for northwest Arkansas include opening full-service locations in Fayetteville, Bentonville and Rogers.
Johnathon Welch of Fayetteville will oversee the market expansion.
President and CEO Scott Spencer said in a news release, “Sterling Bank is eager to enter the northwest Arkansas market and offer customers a high-quality experience in the delivery of our banking products and services. We are excited to welcome Johnathon Welch, who brings prior experience as a commissioned bank examiner with the Arkansas State Bank Department. Johnathon will provide valuable leadership in the NWA market.”
Welch said, “I am proud to be a part of Sterling’s expansion into Arkansas, and I look forward to working with commercial and small business enterprises, as well as families in the area.”
Sterling Bank specializes in lending services for the affordable housing industry, and, to date, has financed 391 affordable housing projects in 28 states worth $1.98 billion.
Lack of affordable single-family homes due to a dwindling supply of them has been cited in a recent report on the northwest Arkansas housing market.