RELEASE DATE: November 6, 2023
MEDIA CONTACT: Kara Wilkins, (410) 292-9569
Coalition Providing Arkansans with Safe, Affordable Bank Accounts Celebrates 5th Anniversary
Bank On Arkansas+ Hosts Anniversary Celebration
LITTLE ROCK, AR (November 1, 2023) — The Arkansas Asset Funders Network (Arkansas AFN) celebrated the fifth anniversary of the launch of Bank On Arkansas+ (BOA+). Supporters and stakeholders gathered to mark five years of empowering Arkansans with secure, affordable and certified banking options.
Launched in 2018 with the support of members of Arkansas AFN, including Entergy Arkansas, the Winthrop Rockefeller Foundation, the Arkansas Community Foundation and the Federal Reserve Bank of St. Louis, Bank On Arkansas+ became the first statewide coalition based on the national Bank On model. Since then, the coalition has grown to more than fifty members representing banks, credit unions and trusted community partners operating in all 75 Arkansas counties.
Laura Landreaux, CEO of Entergy Arkansas and a key supporter of Bank On Arkansas+, shared her perspective on the program's significance, stating, "Bank On Arkansas+ has been a vital force in uplifting the lives of the ALICE (Asset Limited, Income Constrained, Employed) population in our state. It's not just about opening bank accounts, it's about creating pathways to financial stability and opportunity for the communities Entergy Arkansas proudly serves."
The anniversary celebration took place on Wednesday, November 1, at the Bank OZK Headquarters. The event featured networking for stakeholders and supporters, presentations and interactive discussions on the future of financial empowerment in Arkansas.
Forbes magazine recently ranked Arkansas as the fourth best state in the nation for banking access, noting its noteworthy drop in unbanked households from 7.10% in 2019 to 3.40% in 2021.
Lorrie Trogden, President and CEO of the Arkansas Bankers Association, commended the collaborative effort behind Bank On Arkansas+, saying, "The banking industry in Arkansas is proud to have played a vital role in this initiative. The remarkable drop in Arkansas' unbanked population since its creation is a testament to the transformative impact of the collective efforts of the Bank On Arkansas+ coalition.”
While the number of unbanked households in Arkansas has significantly decreased, the growing reliance on digital channels presents new challenges and opportunities for the coalition on broader issues that affect the Arkansas economy, such as closing the digital divide, enhancing
broadband infrastructure and improving access to capital for women and minority-led businesses.
Darrin Williams, CEO of Southern Bancorp, reflected on the ongoing mission, “As a proud coalition member, we look forward to exploring new ways to help Arkansans save, build wealth, and secure their financial future in ways that make all our families and communities stronger. The future of Bank On Arkansas+ holds even greater promise for financial inclusion across our state."
About Bank On Arkansas+
Bank On Arkansas+ is a statewide coalition of Arkansas banks, credit unions and community partners connecting people to safe, affordable, and certified banking accounts. Our members offer services and resources to improve the financial well-being of individuals and families in all 75 Arkansas counties. For more information, visit: www.bankonar.org
About Arkansas Asset Funders Network
Arkansas Asset Funders Network is a regional chapter of grantmakers who invest in opportunities for low and middle-income individuals and families to build economic well-being. Members include private, public, corporate and community foundations as well as public-sector funders and financial institutions. For more information, visit assetfunders.org.