Arvest Bank Promotes Gaffigan in Springdale

Tuesday, August 20 at 09:00 AM
Category: Arvest Community News

Arvest Bank is pleased to announce Robert Gaffigan, NMLS # 1165470, has been promoted to senior vice president and manager of its Private Banking team in Springdale.

Gaffigan has 14 years of industry experience and has served in a variety of roles at Arvest, most recently as an Arvest Private Banking advisor. In his new role, Gaffigan is responsible for the management and development of that Private Banking team.

“This promotion is well-deserved and we look forward to great things from Robert,” said Chis Thornton, loan manager for Arvest in Springdale. “His experience and expertise will be a big benefit not just for the bank, but more importantly, for our customers.”

Gaffigan earned a degree in organizational management at John Brown University and holds Series 7 and Series 66 licenses, as well as life and health insurances licenses. He and his wife, Jenna, live in Rogers with their three children, where they attend First Baptist Church in Rogers.

Tags: Arkansas, Arvest, Springdale

Arvest Bank Announces Boerjan Promotion

Monday, August 19 at 12:00 PM
Category: Arvest Community News

Arvest Bank is pleased to announce it has promoted Ben Boerjan* to consumer loan advisor.

Boerjan has had multiple roles at Arvest since 2015, most recently serving as a financial sales representative. In his new role, Boerjan will be active in the generation of consumer loans. He is based out of the Arvest branch located at 3421 South 74th St. in Fort Smith.

“During his time at Arvest, Ben has established an excellent presence in the community and has exhibited a desire to learn consumer lending in order to better serve his customers,” Arvest consumer lending sales manager Jack Farley said. “These attributes will serve him well in this new role.”

Boerjan lives with his wife and son in Alma, where he is an active member of Beyond Church.

*NMLS# 1516973

Tags: Arkansas, Arvest

Arvest Equipment Finance Performance Lauded by MonitorDaily

Monday, August 19 at 09:00 AM
Category: Arvest News

Arvest Equipment Finance (AEF), a division of Arvest Bank, has been recognized once again by MonitorDaily, a leading publication of the equipment leasing and finance industry.

The publication recently released the 2019 Monitor 100, its annual ranking of the largest equipment finance/leasing companies in the United States. AEF climbed one spot to No. 83 after being ranked 84th last year. This is the fifth consecutive year AEF has been ranked on the list, and seventh time in the last eight years.

AEF ended 2018 with $310.1 million in loans and leases. That’s up 24.7 percent from 2017’s $248.6 million, according to MonitorDaily.

Additionally, AEF climbed from No. 89 to No. 82 in overall annual production. The move is largely the result of a 51.5 percent increase in new business volume, which went from $106.6 million in 2018 to $161.5 million in 2019.

“I am so proud of this team and what we have accomplished as a group,” AEF president Eric Bunnell said. “We strive for excellence every day in helping customers with their equipment finance needs, and our associates take a lot of pride in being recognized as one of the top equipment finance companies in the United States.

“As we continue to grow, we are expanding our calling efforts to new dealer relationships outside the Arvest footprint. We are in the early stages of developing these new relationships but we are excited about the future of AEF. Through June, we have closed $105 million, which is an increase of 41.5 percent from the same period in 2018.”

Tags: Arkansas, Arvest Equipment Finance

Make The Most of Your Cash Back Credit Card Rewards

Monday, August 12 at 09:00 AM
Category: Arvest News

Many credit cards help you earn rewards for your everyday purchases – in the form of either cash or redeemable points (for things like travel, frequent flier miles, shopping credits or credits to your billing statement).

Cash back is king!

Surveys have shown that cash back on purchases is the most popular credit card reward for people of all income levels. Cash back rewards, usually in the form of statement credits or checks, are the most flexible and easy to understand of all credit card rewards.

There are two main kinds of cash back rewards:

1)   Those with constant cash back rates, usually between one percent and two percent on all purchases.
2)   Those with differing rates depending on the type, or category, of purchase.

Sometimes the differing category rates may change quarterly or apply to seasonal special offers.

And some credit cards, like Arvest Flex RewardsTM, offer a combination of constant rates for general purchases, plus seasonal special rates for specific categories.

How to maximize cash back rewards

1. Choose cards that reward categories where you spend the most.

Keep in mind that different cards pay higher cash-back percentages for spending on different categories like travel or lodging, grocery store purchases, dining out or gassing up your car.

CreditCards.com1 analyst Ted Rossman recommends choosing a card with a rewards plan that best matches your spending habits.

“Credit cards can reward you for things you're planning to purchase anyway," says Rossman.

2. Keep a close eye on deadlines and fees.

You need to take care to pay your card by the due date, since the late fees and penalties from a missed payment can quickly negate any cash back that you earn. For instance, a late payment on a $500 balance can add up to more than $40 in penalties and interest.

3. Pick a sign-up bonus you can meet.

Cards that offer sign-up bonuses usually have a minimum spend requirement that needs to be met within a certain amount of time. Make sure you pick a card that has a requirement you can meet.

4. Earn more cash back.

Some cards reward for signing on an authorized user or referring new cardholders, so check for that.

5. Maximize your card’s spending categories.

If you have a card with five percent rotating quarterly categories, there are a few tricks you can use to reach the maximum spending cap each quarter:

  • Stock up on larger quantities of items that won’t spoil.
  • Pay your annual bills in advance.
  • Do your Christmas shopping early.

Choosing the right card and taking full advantage of its rewards can be fun and well worth it!

Are you making the most of your Arvest Flex RewardsTM?[Log In to Learn More]




1Link is a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.


7 Ways To Help Pay for College Besides A Scholarship

Monday, August 12 at 09:00 AM
Category: Arvest News

We all know the sticker price of a four-year college degree can feel overwhelming to most families. It helps to keep in mind that, even without a scholarship, most students do receive other forms of financial aid.

Here are seven other ways to help pay for college:

1. Grants

Colleges, states, and the federal government give out grants, which don't need to be repaid. Most are awarded based on your financial need and determined by the income you reported on the Free Application for Federal Student Aid, or FAFSA.

The biggest grant awards usually come from the college itself. Colleges will take into consideration how much they think your family can afford to pay and try to fill in the gap with a grant. According to The College Board, colleges and universities have significantly increased their total grant awards over the past few years.

2. Ask the college for more money

Yes, you can negotiate over financial aid. Experts suggest having the student write a formal appeal letter and then follow up with a phone call.

It's worth reemphasizing why you're a good fit for the school, and whether or not you received more aid from a comparable college. You can also explain your family’s financial situation more specifically. Or, your family's financial circumstances may have changed in the past year since completing the FAFSA.

Also find out if there are any department-specific scholarships or grants, or paid research jobs, you can apply for.

3. Work-study jobs

These are part-time jobs on or nearby campus for eligible students, depending on their finances and the funding available at the school. Work-study jobs pay students directly, at least once a month. You need to have submitted the FAFSA in order to qualify.

4. Apply for private scholarships

There are thousands of private scholarships out there from companies, nonprofits and community groups. Ask your high school guidance counselor or use a free online service like Scholly that suggests scholarships you might be eligible for. A company called Money Mentor offers a free mentor who can also suggest scholarships, as well as help you navigate and understand the financial aid process.

5. Consider loan options

Loans should be your last resort, but they're often inevitable if scholarships, grants and savings don't cover the entire bill. According to a recent Sallie Mae report, the typical family uses loans to cover around 25% of the cost of college.

Most students take out federal loans first before turning to a private lender, due to their lower interest rates and more borrower protections. This is yet another reason to fill out the FAFSA. You won't be able to get a federal student loan if you didn't submit the form.

You should be able to borrow regardless of your family's income. First-year undergrads can borrow up to $5,500. Some students who demonstrate more financial need will be allowed to borrow subsidized loans, which won't accrue interest until after they graduate.

Another type of federal student loan, called a PLUS loan, allows parents to borrow to help their child pay for college. The school will determine how much a parent can borrow, but the amount is supposed to cover the cost of attendance minus any other financial aid you get.

6. Claim a $2,500 tax credit

The American Opportunity Tax Credit allows you to reduce your taxes after paying for tuition, fees, books, and room and board — up to $2,500 a year per child. Parents can claim the tax credit if their modified adjusted gross income is no more than $90,000, or $180,000 if filing jointly.

7. Live off campus or enroll in community college

If commuting to school and living at home is an option, it can save a lot of money. The average cost for room and board is $11,140 per year at public colleges and $12,860 at private institutions, according to a report from The College Board.

If your finances are stretched, you also might consider enrolling in a community college before transferring to a four-year school later. The same report shows tuition and fees at the average community college cost $3,660 last year.Watch for new options

Student aid programs are evolving, so keep up your research and be on the lookout for new options that might apply to you. As an example, more companies now offer co-op or income-share agreements through schools to help qualified students fund their degrees, as an alternative to borrowing.

Meanwhile, if you have questions about starting a college savings account, stop in to see us at your local Arvest branch. Our friendly associates are here to help with all your financial needs!



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