BancorpSouth Bank of Tupelo, Mississippi, and its subsidiary, BXS Insurance Inc., plan to build a four-story, 40,000-SF headquarters for its regional banking and insurance operations.
Company executives and city leaders marked the start of construction for the project during a groundbreaking ceremony on Wednesday.
Ty Warren, president of BancorpSouth’s northwest region, and Mike Halter, president of BXS Insurance’s Arkansas region, told Arkansas Business they’d been talking about the building for about three years and spent a lot of time seeking the best location.
“You want to build something somewhere that you think will be a great place not only now but 20 or 30 years from now,” Warren said.
The new building will serve as BancorpSouth’s northwest regional insurance and banking headquarters. The bank holding company’s northwest region includes the states of Arkansas and Missouri.
In addition to BXS Insurance and a full-service bank branch, the building will house commercial lending, wealth management and mortgage services.
The company’s insurance team has about 100 employees who are currently working in leased office space. Bringing them together with the company’s other local employees makes sense, Warren said.
Arkansas Business reported in April that BancorpSouth purchased the 3.69-acre site at 17900 Chenal Parkway for $3.58 million from PotlatchDeltic Real Estate LLC, an arm of publicly traded real estate and timber company PotlatchDeltic Corp. of Spokane, Washington.
The building project is expected to take 18-24 months to complete. The contractor is F & F Construction Co. Inc. of Memphis. The architect is Daniel Design Studio of Tupelo, Mississippi.
The BancorpSouth headquarters is the latest financial services hub in west Little Rock.
The site at the northeast corner of Chenal Parkway and Rahling Road is less than 3 miles from where Arkansas Federal Credit Union is planning to move its headquarters and less than 4 miles from the newly-built headquarters publicly traded Bank OZK moved into last year.