Economic Impact Awards Banking Finalist: Guaranty Bank

The Springfield-based bank, under holding company Guaranty Federal Bancshares Inc., left behind its savings and loan charter to take advantage of the current of commercial activity in southwest Missouri that officials had watched from the sidelines for several years.

Tapping into the area’s robust growth has proven to be a wise decision for the 94-year-old institution.

Assets as of 2006 were $524.1 million, up nearly $64 million from 2005; deposits were $353.2 million in 2006, compared to $321.5 million the year before. Current residential construction and land development loans exceed $400 million, and financing in downtown Springfield totals $30 million for projects such as Gillioz Theatre, Wilhoit Plaza, Brick City lofts and College Station.

Since 2004, assets have grown 30 percent, according to President and CEO Shaun Burke. Meanwhile, the stock price of the publicly traded Guaranty Federal (Nasdaq: GFED) has doubled to about $30 per share in the last five years, Burke said. Employment stands at about 155.

Guaranty has always focused on, and continues to target, local organic growth.

The bank has six full-service branches in Springfield and two in Nixa.

Burke said the bank plans to open an Ozark branch in the fourth quarter and a third Nixa office in first-quarter 2008.

Guaranty also has loan production offices in West Plains, Mountain Grove and Marshfield. The bank also has a building under contract at 1304 E. Kingsley to house Guaranty’s back-office operations, which will free up space for expansion at its main branch at 1341 W. Battlefield, Burke said, noting that officials are eyeing downtown and east Springfield, and the city’s surrounding communities, for future growth.

Though Guaranty has been a Springfield name since 1913, Executive Vice President/Chief Financial Officer/Chief Operations Officer Carter Peters feels that the brand is just now beginning to stick.

External marketing is a new focus for the company, he said, and the staff also is becoming more and more involved in community organizations.

Though customer service and a strong product line have turned Guaranty into a supporter of the economy, Peters said the challenge is in differentiating the company in a saturated local banking industry.

“It’s the biggest challenge we have every day – trying to get something better and more innovative than the guy down the street,” he said.“That’s going to be the challenge for many years to come, with even more banks coming in this year.”

Burke had held a front-row seat facing that challenge since coming on board in early 2004, and he plants his confidence firmly in Guaranty’s ability to keep up.

“We’ve closed branches, opened branches; we’ve been very aggressive in product development; and we have a 100 percent renewed focus on customer service throughout the organization,” he said. "There’s tremendous opportunity here.”

Guaranty Bank

Address: 1341 W. Battlefield Road, Springfield, MO 65807

Phone: (417) 520-4333

Web site: www.gbankmo.com

Employees: 155

2006 Assets: $524.1 million

2006 Deposits: $353.2 million [[In-content Ad]]