An Arkadelphia-based credit union has opened a branch in Glenwood, expanding its physical presence after gaining approval last year to serve residents in Pike County and several other counties.

Patterson Federal Credit Union held a ribbon-cutting ceremony Friday, Aug. 21, at its new location in a shopping center at 922 E. Broadway.

CEO Shawn Cowart is a native of the area and graduated from Centerpoint High School in 1998.

“We’re proud to be here, we’re proud of the building, but we’re really proud of what this building represents,” he told the crowd gathered inside the lobby. “It’s an opportunity to build partnerships, to support this community and continue growing together. We’re excited for what comes next and thank you to Glenwood for welcoming us home.”

Cowart called it a special day, marking the next chapter in the credit union’s 69-year history. Patterson was chartered in 1957 to serve employees of Reynolds Metals Co. who worked in Gum Springs. In 2007, the National Credit Union Administration approved Patterson’s application for a community charter, allowing it to serve anyone who lives, works, worships or attends school in Clark County.

Last year, the charter was expanded to include Dallas, Hot Spring, Montgomery, Nevada, Ouachita and Pike counties. The credit union currently has two locations, in Arkadelphia and Glenwood.

Cowart told The Glenwood Herald that the credit union saw an opportunity for growth in Glenwood and believes it can offer residents an alternative to traditional banks.

“I think we’re a better option for auto financing, for personal loans, for consumer-type stuff, checking accounts,” he said. “We’re not fee-heavy. I think that’s a difference.”

Credit unions are not-for-profit financial institutions owned by their members, a structure Cowart described as a financial cooperative.

“We’ve got a volunteer board of directors, we operate under democratic principles. I would say our philosophy is our biggest difference. We’re making money to give back to our members versus a board of directors,” Cowart said.

The Glenwood branch is opening as the financial services industry continues to evolve, with changes in federal regulation and broader economic conditions influencing borrowing costs. Cowart said concerns surrounding the growing national debt and the bond market could eventually have an impact at the local level through interest rates.

“It’ll impact rates, lending and borrowing rates, because that is the baseline where a lot of those rates are set,” he said.