Arvest Bank announced plans to open a loan production office in Frisco, marking the $27 billion asset regional bank's entry into the North Texas market.
The office at 11025 Preston Road will operate as a commercial lending hub, focusing exclusively on business loans rather than consumer banking. The company expects to open later this year.
David Madigan, president of Arvest Bank's Southwest Oklahoma division, said the expansion allows the bank to build on existing momentum in the region. Arvest has been managing a portfolio of business loans in North Texas while based in Oklahoma, which operates primarily across Arkansas, Oklahoma, Kansas and Missouri.
Mark Scott, who has been with Arvest since 2008 and previously worked as a commercial lender in Southwest Oklahoma, was promoted to commercial loan manager for the new office. The bank is actively recruiting additional commercial lenders for the Frisco location.
Arvest appointed three regional advisors and community liaisons to its North Texas board: Rick Warren, an attorney at Steptoe & Johnson; Lana Constantine, an assistant vice president at The Retail Connection brokerage firm; and Lupita Colmenero, COO and co-owner of LATINA Style, Inc. and board chair of Parents Step Ahead nonprofit.
The expansion comes as North Texas, particularly the Dallas-Fort Worth metroplex, has seen increased consolidation among larger financial institutions. Arvest's entry represents a mid-sized player attempting to establish a commercial lending presence in a competitive market.
For borrowers, increased competition for commercial lending could mean better terms and more flexible underwriting, according to industry analysts. Arvest's focus on commercial lending means it will not aggressively pursue consumer deposits or retail banking, limiting direct competition with community banks still operating in North Texas.
The bank's existing operations across four states suggest a regional focus on relationship-based lending rather than volume-based lending. The bank has more than 200 locations and has remained deliberately regional in scope.
