Page 4 • Wednesday, March 25, 2020
Cassville Democrat
Reflections 2020
New businesses take shape in past year
Wintech opens, banks merge, medical marijuana dispensary coming
It was a banner year for business and economic development, with highlights including the opening of the Wintech plant in Cassville, the merger of CNB into Freedom Bank, and the awarding of a medical marijuana dispensary license to a Cassville provider.
Wintech brings jobs to Cassville
A new manufacturer started production in Cassville in June 2019, as Wintech, a Monett-based company, moved its vinyl window line to the former Thorco plant on Sale Barn Road in Cassville. Jack Williams, Wintech president, said operations began with 20 new employees. The building was vacant for about four years before Wintech purchased it in early 2017. “When we purchased it, we were using it for warehousing and storage, but we always knew we would expand operations there,” Williams said. “In late 2018 and early this year, we started working with the economic development groups in Cassville, and that really sped up the process.” Williams said Wintech originally planned to roll operations into the plant immediately, but growth in business led to the plan being put on the back-burner. “Isaac [Petersen, Cassville economic director] and Ron [Reed, former Cassville economic director] reached out initially, and we spoke with several members of the [Industrial Development Corporation] at a meeting at Barry Electric,” Williams said. “Their role ended up accelerating the process.” Williams said the vinyl line is one of Wintech’s highest-volume lines, producing 200-300 windows per shift. They are designed as residential basement windows. Although the plant started with about 20 employees, Williams said the intent is to grow the hiring to utilize all 100,000 square feet of the plant. “Within the next 2-5 years, we aim to end up with 50-80 employees in Cassville,” he said. “Monett’s plant has 135 employees, and we have a sales and service office in Denver run by one employee.”
CNB branches merge into Freedom Bank in 2020
Community National Bank, a Monett-based national banking association since 2002, announced plans to merge with Freedom Bank, a Missouri state-chartered bank located in Cassville, in 2019. Community National Bank and its branch in Aurora will become branches of Freedom Bank. In a statement, Freedom Bank announced its parent bank holding company, Freedom Bancshares of Southern Missouri, had entered into a definitive agreement with Community National Bank for a merger of the two operations under the name of Freedom Bank. “As is customary, the bank merger is subject to regulatory approvals, a vote of Community National Bank’s shareholders, and other conditions precedent,” the statement said. “Upon completion of the bank merger, Freedom Bank will have total assets of approximately $430 million, deposits of $367 million, and loans totaling $326 million. Freedom Bank presently has branches in
Dr. Lisa Roark, left, of Roark Family Health Clinic in Cassville, spoke on a panel at a town hall-style meeting at Missouri Southern State University in Joplin in 2018 to advocate for legalizing medical marijuana. Roark received a medical marijuana dispensary license for a facility in Cassville, the only one in Barry or Lawrence counties. Contributed photo Cassville, Shell Knob, Golden, Seligman and Willard. “As our board evaluated many opportunities to partner with another financial institution, Freedom Bank clearly stood out as the best fit for our associates, customers and communities we serve,” said Michael Wallace, chairman of Community National Bank said, “Their extraordinary commitment to customer service and employee satisfaction played a significant role in the selection process of Freedom Bank. We are excited about our future together.” Stan Kelley, president and CEO of Freedom Bank, and Darrin Newbold, president and CEO of Community National Bank, will bring their combined 70-plus years of banking experience together to continue to enhance their respective markets and bring new products and technology to their customer bases. “We feel fortunate to team up with Community National Bank’s associates and investors in relation to the pending transaction,” Kelley said. “Community National Bank is highly regarded as a top quality
bank among its banking peers.”
Freedom Bank opened in Cassville in 1999.
Newbold said the family style of doing business with Community National Bank will not change in the merger. “We are committed to making this process as seamless as possible, but would like to thank our customers in advance for their patience and loyalty,” the merger announcement said. In addition to the close proximity to one another, Freedom Bank and Community National Bank share similar core values and put personalized customer service and serving their communities at the top of their priority list. “Both banks are owned locally by a consortium of investors from mainly the Barry and Lawrence county areas, and their investor groups will be joining efforts to continue to grow the bank and look for future opportunities in the southwest Missouri area.” The statement noted that over the last decade, mergers have been commonplace among community banks across the country. This tactic was
considered an excellent way for banks to come together in order to handle increasing regulatory burden and control costs through economies of scale. Both banks have reported healthy growth since inception and attribute that progress to their community involvement and the resulting loyal customer bases that refer friends and family. “With personal relationships being of utmost importance, customers can rest assured that they will continue to see all of the friendly faces they have come to know and trust at each location,” the statement said. The merger process is expected to be finalized in
second quarter of 2020.
Medical marijuana dispensary license granted
The only successful applicant to receive a medical marijuana dispensary license in Barry or Lawrence counties was physician Lisa Roark’s business in Cassville. The 192 licenses placed 24 licenses in each of the eight congressional districts. Nearly 1,200 applications were received. Roark’s business, listed as The Dispensary on Highway 76 in Cassville, was 15th from the last to win approval, scoring about 60 points from the bottom cut-off. The Dispensary had the 10th
highest score of those approved in District 7. Other proposed dispensaries in the bi-county area denied licenses included Monett Dispensary, proposed by Paul and Wendy Callicoat from Sarcoxie Nursery, for 333 Kyler, with 25 scoring higher; Blossom Wellness, at 3100 S. Elliott Ave. in Aurora; and Old Mt. Vernon 12, at 1207 E. Daniel Dr. in Mt. Vernon. Successful applicants near Monett included Harmony, at 890 W. Harmony in Neosho; SMO4, at 13011 Highway 96 in Carthage; and Easy Mountain Investments, at 1740 Highway 60 East in Republic. CONTINUED ON PAGE 10
