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News in brief

October 7, 2021 at 1:43 a.m.

Encore Bank plans for Alabama branch

Encore Bank announced Wednesday that it will expand into Alabama with a location in Birmingham.

The Little Rock bank, with assets of $1.2 billion, has operations in 16 markets in seven states. The boutique bank has two branches in Little Rock in addition to offices in Fayetteville, Jonesboro and Rogers.

Brent Balogh has been hired to lead the Birmingham operations as executive vice president and regional president. He most recently served as senior vice president of the Community Bank of Mississippi in its Birmingham office.

"Brent's expertise and entrepreneurial spirit are exactly what we look for in a leader," said Phillip Jett, vice chairman and chief banking officer at Encore. "His leadership skills and extensive experience in commercial banking and business development make him the ideal choice to spearhead our entrance into Alabama."

Balogh will be joined by Mark Feagin, who also was in the Birmingham offices of the Community Bank of Mississippi.

-- Andrew Moreau

Home Depot is client of Walmart service

Walmart Inc.'s delivery service GoLocal has teamed with Home Depot as its first retail client.

The companies said in a joint news release Wednesday that Walmart GoLocal gives Home Depot customers another option for same-day or next-day delivery on a variety of home improvement products.

Home Depot will initially offer Walmart GoLocal delivery in select markets, with a broader rollout by year's end. Customers will see this delivery option enabled at online checkout for eligible products.

Home Depot's 2,300 U.S. stores already offer scheduled delivery to homes and job sites, as well as pickup in-store, curbside or at lockers.

Walmart said in August that it started GoLocal to make its prodigious logistics capacity available to retailers of all sizes.

As a "white-label" service, delivery vehicles aren't marked with Walmart's logo. Delivery modes include Walmart's Spark Driver platform, electric vans, drones and autonomous vehicles.

GoLocal offers competitive pricing because of its operating model and existing delivery network, the Bentonville-based retailer said.

-- Serenah McKay

State index finishes with a gain of 2.32

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 678.46, up 2.32.

"Equities reversed overnight declines to close higher for the day following reports of a possible U.S. debt ceiling extension offered by Senate Republicans as defensive sectors including utilities and real estate outperformed," said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Print Headline: Encore Bank plans for Alabama branch Home Depot is client of Walmart service State index finishes with a gain of 2.32

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