Regional Consumers Report Debt Patterns, Savings Rates In Line With Neighbors

Thursday, August 28 at 11:10 AM
Category: Arvest News

A third and final round of results from the inaugural Arvest Consumer Sentiment Survey have been released. This set of results focuses on consumers’ outlook regarding spending, debt and savings in Arkansas, Missouri and Oklahoma.

FAYETTEVILLE, Ark. – Consumers in Arkansas, Missouri and Oklahoma reported having similar debts and approximate savings rates as their neighbors, according to final information released today from the Arvest Consumer Sentiment Survey.

The results of the Arvest Consumer Sentiment Survey, conducted in June and July of 2014, are released in three sections. The first presents an overall Index of consumer optimism of the economy of the state and region, while the second includes a Current Conditions Index and a Consumer Expectations Index as measured by questions about anticipated future changes in economic conditions. This, the third release, presents information about consumer debt and savings. The survey and indexes follow the model of the national Survey of Consumers produced by the University of Michigan.

Consumer debt within the region was divided among several categories and all measured approximately the same types of debt. Within the region, consumer debt was divided among these categories: 37 percent reported mortgage debt, 6 percent reported home equity debt, 28 percent reported auto loans, 31 percent reported credit card debt and 11 percent reported student loans. About one-third of the region’s respondents, 33 percent, reported having no current consumer debt.

A majority of responding consumers, 61 percent, reported they have not made major household purchases in the past six months. The state-by-state breakdown is as follows: Arkansas (65 percent), Missouri (62 percent) and Oklahoma (57 percent). Major household purchases were defined as furniture, a television, refrigerator or other large items.

When it comes to reported savings rates, consumers within the region reported they are saving 11.6 percent of their earnings. Families with incomes of more than $75,000 reported saving 16.5 percent, while families with incomes of less than $75,000 reported saving 9.8 percent. Families with children reported saving 10.2 percent and families without children reported saving 11.6 percent. The overall savings rate for Arkansas is 9.5 percent, while Missouri is at 11.7 percent and Oklahoma 13.1 percent.

Arkansas respondents are the most interested in increasing their savings rate over the next six months, with 23 percent stating they plan to save more over that period. In both Oklahoma and Missouri 15 percent of respondents are interested in increasing their savings rate over the next six months. The regional rate is 17 percent. The majority of respondents plan to keep its current savings rates over the next six months.

The Arvest Consumer Sentiment Survey is conducted by the Center for Business and Economic Research in the Sam M. Walton College of Business at the University of Arkansas in Fayetteville. The University of Oklahoma’s Public Opinion Learning Laboratory conducted the 1,200 phone surveys.

Arvest Bank’s sponsorship of this survey is due to its desire to provide beneficial data for its customers and communities. The data provides a reading of how consumers are feeling about the economy in the states where the bank operates. These first results give better, more localized, information than has been available in the past. Because consumers drive the majority of economic activity, it is important to simply know where people in the region stand in their views. Additionally, with future results, consumers and the business community, will be able to see if sentiment is trending up or down with sentiment nationally.

The Arvest Consumer Sentiment Survey will be conducted twice a year, with the next survey expected to be completed in November. Information about the survey and research partners, copies of this release, summary documents and print-ready logos can be found at www.arvestconsumersurvey.com.

Tags: Arkansas, Debt, Missouri, Oklahoma, Press Release, Savings
 

Friday Financial Forum Aug. 29 in Bartlesville, Okla.

Thursday, August 28 at 06:25 AM
Category: Arvest Community News

Join us Friday, Aug. 29, at 10 a.m. for our Friday Financial Forum. We’ll meet in the Friday Forum Room at Arvest's Eastside Branch located at 4225 Southeast Adams Rd., Bartlesville, Okla.

Every Friday we invite customers like you to attend our one-hour Financial Forum. This Friday, we're pleased to welcome guest speaker Chris Hodges, Arvest Mortgage Loan Manager, who will talk about the mortgage loan market and interest rate drivers.

What else you can expect at the event:

  • News: "The Scoop" about businesses coming, going and expanding in Bartlesville (Amelya Wilmott, Arvest Bank)
  • Information: Community leaders share topical, local and state information (Sen. John Ford, Rep. Earl Sears and city councilman Mike McGrew)
  • Updates: Arvest provides current economy and stock market trends (Sonya Reed, Arvest Bank)
  • Hilarious Anecdotes: Jim Bohnsack, Arvest Bank

We look forward to having you join us! There is no need to RSVP; just join us if you can. If you have any questions about the event, please contact Amelya Wilmott at (918) 337-4358.

Tags: Bartlesville, Community Support
 

McKinney Trust Awards $164,276 to Northwest Arkansas Organizations

Tuesday, August 26 at 02:10 PM
Category: Arvest Community News

Bentonville, Ark., area groups accept gifts from the Carl and Alleen McKinney Charitable Trust.

BENTONVILLE, Ark. — The 2014 Carl and Alleen McKinney Trust Awards recipients accepted checks at the Arvest Bank McKinney Trust Awards Presentation on Friday at the Arvest Bank Bentonville on the Square Conference Center.  The trust was established by Carl and Alleen McKinney and has been managed by Arvest Trust Company since 1997.

The trust, established to benefit the children, youth, elderly, poor and disadvantaged of the Bentonville area, has given more than $2,588,321 to local charities since its creation. This year, $164,276 was distributed. 

Diana Smith, trust officer and administrator of McKinney Trust, presented the awards. The following are this year’s recipients:

Arkansas Children’s Hospital Foundation —  $20,000  

The Adult Development Center DBA Open Avenues – $17,150

Northwest Arkansas Women’s Shelter – $17,000

Circle of Life Hospice – $16,000

Lifeline of Northwest Arkansas – $15,000

Sunshine School and Development Center — $15,000

Single Parent Scholarship Fund of Benton County – $12,000

Horses for Healing —  $12,000

Helen Walton Children’s Enrichment Center — $11,700

NWA Children’s Shelter – $10,000

Boys and Girls Club of Benton County – $9,564

Bella Vista Courtesy Van – $5,000

Mercy Health Foundation  — $2,722

Literacy Council of Benton County, Inc. — $1,140

Tags: Arkansas, Arvest Benton County, Community Support
 

Preparing Your First Budget

Monday, August 25 at 11:15 AM
Category: Personal Finance

A budget is generally thought of as a rigid plan on how you can spend your money. While this is true, you may want to think of it as a “household spending analysis.” That does not sound so tedious and it better implies how you can use it to build a solid financial foundation and feel more in control of your finances.

Why is it important?
Generally speaking, a spending analysis will enable you to understand where your money comes from and where it goes. With that understanding, you will be in a better position to make informed financial decisions, to monitor your spending and to potentially identify ways to spend less on some items so you have more to spend on more important things or to save.

Components of a spending analysis
Going through the effort to prepare a completely accurate analysis can be difficult and time consuming. The more specific you can get the better, but do not let the thought of preparing an analysis keep you from trying. Budget worksheets* in various formats can be found online.

As you start filling in the blanks of a worksheet, think about how much control you have over your expenses. Things like rent, taxes and insurance are probably pretty well set. Other expenses, like food, entertainment and gifts are more controllable. Just by thinking about these items, you may be able to find ways to spend less and save more. If nothing else, you can make judgments about which expenses are most important to you.

Finally, it makes sense to go through this exercise on a regular basis. By analyzing your expenses every year, you will be able to see how your spending patterns are changing and you will feel more in control of your financial future.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Budgeting, Financial Education
 

Small Business Education Series in Kansas City Sept. 19

Monday, August 25 at 07:35 AM
Category: Arvest Community News

Calling small business owners and entrepreneurs in Greater Kansas City! You are invited to attend a session in Arvest’s Small Business Education Series targeted to businesses that have been open one to five years. The session will be held Sept. 19, 11 a.m. – 2 p.m. at Central Exchange* located at 1020 Central St. Suite 100, Kansas City, Mo. Please register* and pay for the event online.

This is the third class in a four-part series and will provide education on obtaining bank and SBA financing. We will be discussing the process for applying for a loan, what banks look for, as well as information on obtaining SBA guarantees. This will be a classroom-style session and will allow for questions at the end of each speaker’s presentation.

Here’s a preview of the guest speakers.

Jackie Randle, Arvest Bank

For the past 12 years Jackie Randle has served as the Senior Vice President/SBA Loan Administrator at Arvest Bank. She is the manager of a centralized SBA lending group for the sixteen banking communities of Arvest Bank in four states: Arkansas, Oklahoma, Kansas and Missouri. Under her leadership the bank’s SBA lending portfolio has grown from $20 million to over $135 million, processing over 120 SBA loans annually. Arvest Bank has been the top volume SBA lender for the state of Arkansas for two of the past three years.

Jackie’s 20 years of experience in SBA lending includes two and a half years as senior vice president/director of small business lending with Stillwater National Bank and six years as executive director of the National Association of Government Guaranteed Lenders, Inc. (NAGGL), the national trade association for SBA lenders. She has served as a board of director for NAGGL and Payne County CASA, court appointed special advocates for abused and neglected children.  

Monica Dahl, Arvest Bank

Monica is a native of Olathe, Kan., where she still resides with her family. Monica has 15 years of sales and management experience in the areas of retail banking, investments, real estate, private banking and small business banking. She currently is the Manager of the Small Business Banking department at Arvest Bank in Greater Kansas City. She is a participant at several local chambers of commerce as well as Central Exchange. She is a 2011 graduate of the Olathe leadership program.

Monica manages six business bankers who are dedicated to working with and supporting businesses that have $2.5 million and below in annual sales. They specialize in providing an unmatched level of customer service and knowledge in the area of small business. Arvest business bankers are dedicated to the success of their business customers. They focus on the customer and what each customer’s specific business needs are. They are here for today and for the future. With the wide variety of products and services, the team is well equipped to match the solution with the needs of your small business.

We look forward to having you join us!

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arvest Biz, Business Banking, Kansas City

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