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Bank of the Ozarks Formally Announces New Headquarters

3 min read

Bank of the Ozarks Inc. of Little Rock, which has been planning a new headquarters in west Little Rock, joined Gov. Asa Hutchinson and Little Rock Mayor Mark Stodola on Tuesday to formally announce those plans, including a timeline for construction and completion.

Arkansas Business reported in 2016 that the publicly traded company purchased 44 acres on the western end of The Ranch development from Financial Center Corporation and Ranch Properties, both managed by Ed Willis.

The company paid $12.7 million for property, the bulk of which is at the northwest corner of Cantrell Road and Chenonceau Boulevard. A portion extends east of Chenonceau to Ranch Boulevard along the south side of Ranch Drive. 

During a news conference at the Capitol, Bank of the Ozarks said construction on the 247,000-SF project would begin this year, with site work beginning next month. About 500 employees currently working in three locations are expected to move into the building when construction is completed in late 2019 or early 2020. The building will be able to hold up to 900 employees, the company said.

“We’re still working on negotiating the final contracts and so forth, but the investment will be in excess of $100 million,” Bank of the Ozarks’ CEO George Gleason told Arkansas Business. 

He also said the new headquarters will be more efficient, encourage higher performance and facilitate future growth. 

Gleason said the company has grown because of its great employees. Bank of the Ozarks has about 2,477 employees working in 252 offices across the country, and more than 1,000 of those are working at its 84 Arkansas locations, he said.

The company qualified for two incentives through the Arkansas Economic Development Commission. They were Advantage Arkansas, which provides an income tax credit based on payroll of new jobs, and Tax Back, which provides sales tax refunds on building materials, taxable machinery and equipment associated with the project.

“The state was supportive, and, you know, we had opportunities elsewhere as well …,” Gleason said. “You know, if you have other states that are offering you incentives, your responsibility as a chief executive officer is to do the right thing for your company, the right thing for your shareholders and, you know, there were other options.”

He said the new campus will provide capacity for the company’s long-term growth “over many years” and marks a “long-term commitment” to that site, the city and the state.

A general contractor for the project has not been selected. Arkansas Business had previously reported that Polk Stanley Wilcox Architects and White-Daters & Associates, both of Little Rock, are the architect/engineering team on the project.

Phase 1 of the project will include a five-level headquarters building with an underground parking deck. Once the headquarters building is complete, most employees now working at the bank’s Chenal Parkway headquarters will move to The Ranch.

The company said it will maintain its Chenal Parkway building “to house its existing retail branch banking office and certain other personnel.” The company will also continue to occupy its data center in downtown Little Rock, completed in 2015.

Video of the Announcement

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