Officials with Freedom Bank of Southern Missouri, based in Cassville, announced plans this week to open a new branch facility in Seligman. The locally owned and managed bank received approval for the new branch from the FDIC and Missouri Division of Finance.
According to Stan Kelley, bank president, the choice of the branch location was based on projected growth and increases in the current customer base.
"As the southern sector of Barry County continues to grow in population and commerce, Freedom Bank feels it is an opportune time to establish a second location in Seligman," said Kelley.
"Our board of directors sees a lot of positive trends occurring in southern Barry County, and they feel it warrants expansion of Freedom Bank into Seligman," Kelley said. "Our current customer base has been increasing at a prominent pace over the past three years from the Seligman and Washburn communities, and a lot of our customers travel to northwest Arkansas to work and shop.
"We feel a branch in Seligman will be a beneficial location to our existing customers and become a viable choice for new people who are moving to the area," Kelley added.
Freedom Bank opened in November of 1999 and has been operating out of a permanent bank building at 97 S. Main St. since October of 2000. The project in Seligman will become Freedom's first branch bank.
According to Kelley, construction on the new 3,300-square-foot facility will begin early next spring. The branch building will be located on Highway 37 at the southern edge of Seligman.
Bank officials hope to open the Seligman branch by the summer of 2006. The facility will offer a full service bank facility providing a wide array of loan and deposit products similar to those offered at the bank in Cassville.
"We are anxious to become a part of the Seligman community and hopefully help contribute to the economic growth in this part of Barry County," Kelley said.