Jim Cargill is a fourth-generation banker who began his career at his family’s bank in Lewisville. Cargill has been with Arvest for more than 30 years, where he is currently president & CEO of Arvest Bank-Central Arkansas.
Cargill attended the University of Arkansas at Fayetteville, where he majored in finance and banking. He is a graduate of the American Bankers Association Graduate School of Commercial Lending and of the Professional Master of Banking Program at the Graduate School of Banking, Louisiana State University.
Arvest’s central Arkansas market holds $1.4 billion in deposits and includes 31 branches in five counties.
Arvest has traditionally been less concerned about “efficiency” than the other big banks in Arkansas. What’s different about Arvest’s model than, say, Bank of the Ozarks and Centennial Bank?
It’s important to remember that the efficiency ratio is driven by both revenue and expense. We work to align with our customers in both areas, and although it can be more expensive, it’s the right decision for us and our customers.
For example, Arvest operates under customer-focused hours because those times are designed around our customers’ patterns and needs. Additionally, our overdraft fees are half of those of our competitors and among the lowest in the nation. Both of those practices are expensive, but they are based on analysis of our customers.
Is Arvest looking to expand in central Arkansas, or do you see this as a mature market?
Arvest has been in an expansion mode since the Bank of Bentonville was acquired in 1961. We never cease to look for opportunities within our existing or adjacent markets to expand and serve more customers. When I began my career with Arvest, we were composed of four banks in northwest Arkansas. Today, we operate more than 260 bank branches across four states.
One of the greatest growth opportunities for Arvest as a bank group is within central Arkansas. Even though we are the leading mortgage lender in the state, we realize there are still opportunities for growth. In addition, we are seeing growth in our wealth management division and continue to work to build on our other banking services. It’s important, too, not to correlate “expansion” with the number of physical branches. Robust and expanded services within each branch, in addition to enhancing existing channels for mobile and online banking, expand the delivery of services to customers and cater to their banking preferences.
What’s your biggest concern about the Arkansas economy?
Many areas of our state are enjoying very strong economic growth, but there are always some that are affected by the cyclical nature of specific industries, such as timber, farming and oil, just to name a few. We’ve learned through the Arvest Consumer Sentiment Survey and the Arkansas Tech Business Index that, for the most part, Arkansans are encouraged by the state’s economy and their personal financial outlook.
You come from a family of bankers in Lewisville, Arkansas. What did you learn from the bankers in your family that has helped you in your career?
Growing up in a banking family, I learned the importance in our community for the banker to be available, involved and willing to provide advice and support for the purpose of making the community, and its citizens, successful. I still believe that community involvement and sincerity about taking care of people is the greatest lesson I learned. To that point, last year Arvest associates in central Arkansas volunteered more than 3,000 hours of service. Again, everything points back to your customer. In banking, and any business, it’s important to operate with the flexibility to do what’s right for your customer. That requires a lot of genuine listening.