Arkansas Federal Credit Union, the state’s largest credit union with $1.2 billion in assets, announced Tuesday afternoon that it had purchased the Family Life building on Highway 10 in west Little Rock for $12 million with plans to move its headquarters there.
Family Life will remain in the 97,000-square foot building until August, at which time Arkansas Federal will begin renovation that will include a new branch. Currently, the credit union operates 15 branches across the state with new locations on the way in Benton, Maumelle and Sherwood. Family Life announced in 2019 that it would be moving its operations to Orlando, Fla.
Arkansas Federal CEO Rodney Showmar said the credit union had been searching for new headquarters space for three years to accommodate its growth.
“We are excited to be able to have all of our operations staff under one roof in this new facility,” he said in a press release. “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.”
Renovation is expected to be completed in 2021 and will entail retrofitting for a large retail branch focused on consumer and business deposits and loans, as well as mortgage, insurance and investment offices. The new headquarters will house 200 employees with the ability to accommodate almost twice as many. The credit union currently employs roughly 300, and has more than 108,000 members.
Arkansas Federal was founded in the 1950s at the Little Rock Air Force Base in Jacksonville to serve military members but membership was expanded to include all Arkansas residents. Showmar said the credit union will retain a strong presence in Jacksonville and the base, where all branches will remain open, though the credit union did not announce plans for its current headquarters located just off the base entrance.
“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 said in a release. “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.”