Demand, OREO Sales Power Commercial Market Gains in Rogers

by George Waldon  on Monday, Oct. 7, 2013 12:00 am  

The $14.1 billion-asset bank’s OREO total throughout its four-state territory reached a peak of $91.6 million last year after climbing from $28.8 million in 2008.

“What we have on our books is down and continues to go down,” said Greg Stanfill, executive vice president at Arvest Bank. “That number is heading in the right direction, it’s not at pre-recession levels, but it’s headed in that direction.”

The lender’s largest piece of local commercial OREO appears to be nearly 30.5 acres in Rogers recovered from developer Charles Reaves in September 2010. The land was earmarked to become a power center at his Pleasant Crossing project.

The Arvest acreage, sliced into four pieces for now (see slideshow above), surrounds the only retail parcel that was developed. The nearly 4.5-acre site was originally a Sportsman’s Warehouse and is now home to an Ashley Furniture outlet.

The bank has marked the improved property for sale in a package deal of $4.9 million ($3.69 per SF).

Arvest Bank        
(Dollars in millions)        
  2013* 2012 2011 2010
Other Real Estate Owned 79.10 91.60 75.60 86.00
Gain/loss from OREO sale -5.00 -16.20 1.10 1.50
         
*As of June 30.      

 

 

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