Credit Union Consolidation Stirs Little Rock Market

FamilyLife will leave its headquarters at 5800 Ranch Drive in Little Rock for the Cru campus in Orlando, Florida, in the summer of 2020.

The recent merger of the $2.8 million-asset Arkansas Democrat-Gazette Federal Credit Union with Arkansas Federal Credit Union pared the number of credit unions with a presence in Little Rock to 18.

Arkansas Federal, the largest credit union based in Arkansas, will open a fourth location in Little Rock during the next couple of years.

That will occur when the $1.2 billion-asset lender relocates its headquarters from Jacksonville to the FamilyLife Building at 5800 Ranch Drive in west Little Rock.

That move will follow FamilyLife’s exodus from its 97,000-SF office building this summer. Arkansas Federal struck a $12 million deal to buy the property.

Overall, the capital city is home to 25 credit union offices. Combined with the census of 114 full-service bank branches operated by 28 lenders, there is no shortage of options in Little Rock.

And more brick-and-mortar locations are on the way that will increase the tally.

Arkansas Federal Credit Union, Jacksonville

Total Assets: $1.2 billion
Net Income: $11.3 million
Staff: 302
15 full-service locations: Three in Little Rock, two in Jacksonville and Conway and one each in Bryant, Cabot, Fort Smith, Hot Springs, North Little Rock, Rogers, Searcy and Van Buren

As of Dec. 31, 2019. All dollars in thousands except where noted.
Source: National Credit Union Administration