Category Archives: Financial

Construction begins on one A-OK Center, second one to follow with more after that

WICHITA — Construction started this week at Bruce Harris’ new A-OK Center at New Leaf Plaza at 21st and Amidon, but that’s hardly the only new thing the pawn shop owner has going on.

“Wichita’s economy is starting to come back,” he says. “This shopping center in the middle of town is going to come alive again.”

The former Marina Lakes is now home to a Walmart Neighborhood Market that Harris says is contributing to those “sparks of life coming along.”

Harris also is about to begin building a new center at 410 N. West St.

It’ll be about 19,000 square feet, and the center at New Leaf will be 25,000 square feet.

“It’s going to be a huge place,” Harris says.

His centers at Harry and Oliver and Harry and Broadway are 18,000 square feet each.

The New Leaf center will be the “same thing on steroids.”

“What we’re doing is changing the way people shop,” Harris says. “We have new, used and lease to own.”

Both new centers and his store at Harry and Oliver will have a Better Living shop, which is Harris’ new lease-to-own concept.

New Leaf and West Street also each will have an A-OK Pawn Shop, One Day Jewelry and Repair, Cricket and A-OK Financial Services, which offers check cashing, payday loans, title loans and tax services.

Harris says the New Leaf center will be the most elaborate.

“I’m going to try to make it a lot of fun,” he says. “It’ll be kind of like Cabela’s.”

What he means is he plans a lot of displays and unusual touches that will “make it a really neat retail atmosphere that you’ve never seen in the pawn industry.”

There will be a dramatic 30-foot ceiling at the entrance of the center where Harris hopes to have something fun, such as a small plane or part of a helicopter hanging.

“We’re going to try to work with the Wichita motif.”

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IMA Financial Group sues former president of its Kansas City and Topeka offices and Lockton Inc. over breach of contract

WICHITA — IMA Financial Group has filed a lawsuit in Sedgwick County District Court against Douglas Anderson, former president of IMA’s Kansas City and Topeka offices, and his new company, Lockton Inc.

Anderson didn’t return a call for comment, but the lawsuit states he worked for Lockton years ago then went to another company and then to IMA in late 2006.

According to the lawsuit, in late 2009, Anderson signed a confidentiality agreement that included a two-year nonsolicitation clause.

“About one year after entering into the Agreement, Anderson began to orchestrate a scheme to resign from IMA, join Lockton, and solicit IMA’s clients to Lockton,” the suit says.

The suit further says that since Anderson left in January, at least two IMA clients canceled relationships with the company to follow Anderson to Lockton.

Earlier this month, Have You Heard? reported that the International Pizza Hut Franchise Holders Association is ending its 18-year relationship with IMA.

It’s not clear if that is one of the relationships the suit refers to.

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Wells Fargo Advisors to move North Rock Road office

WICHITA — Wells Fargo Advisors is making a short jaunt down Rock Road from its current space in the former Thorn Americas headquarters near 37th North and Rock Road to new space at the Capitol Federal Savings building near 21st and Rock.

Wells Fargo branch manager Mark Douglass likes the increased visibility the new office will have.

“I love the area of 37th and Rock, but there’s not that much traffic up that way,” he says.

The northeast branch has been in 5,000 square feet since it was a Prudential Securities office.

Then Wachovia Securities bought Prudential followed by A.G. Edwards. Wells Fargo then purchased Wachovia.

“It’s been kind of interesting,” says Douglass, who has been with the firm seven years. “Sit at the same desk and this is about our third business card, I think.”

Four advisors from the northeast Wells Fargo office are moving to the Wells Fargo office downtown, which is former A.G. Edwards space.

There are 30 Wells Fargo advisors in the Wichita area, 10 of whom currently are at the northeast office.

The lease was up at the building, which is part of what’s prompting the move.

“We’ve always had way too much space there,” Douglass says.

The new office, which is on the third floor of the Capitol Federal building, will be in 3,000 square feet.

The move will happen on or around Oct. 22.

You don’t say

“In the early days, I had to count the nickels and the dimes. After we took the company public, I had to watch the quarters — first quarter, second quarter . . .”

Fred Hochberg, president of the U.S. Export-Import Bank, speaking to the Kansas World Trade Center Thursday about helping his family’s catalog business, Lillian Vernon, in his younger days

Mid American Credit Union looks at building an east-side branch

WICHITA — Mid American Credit Union is looking at building a new branch on the southwest corner of 29th and Webb in front of the Marriott ExecuStay.

“We’ve been thinking about building there for a long time,” says president and CEO Jim Holt. “We’re just getting closer than we have been.”

The credit union has owned the land for more than seven years.

“We’ve been needing an east-side location for quite a while,” Holt says.

“That’s why we got the property in the first place.”

Mid American owns its branch at 8404 W. Kellogg in front of Home Depot and has partnerships in branches at several other places.

Mid American would partner with other credit unions on its potential east-side space as well.

“Credit Unions are very cooperative in the way they do things,” Holt says.

He says the near future might be a good time to build for a couple of reasons.

“We think probably building costs are down now more than they would be at other times,” Holt says.

The likelihood of an economic recovery in the not-too-distant future is a reason to build now as well, he says.

“About the time it’s ready to open up, things may be better in the economy.”

Mutual Fund Store and show comes to Wichita

WICHITA — The Mutual Fund Store is coming to Wichita — on air and at Cambridge Market.

The Overland Park-based company’s business is built on its radio show, which founder Adam Bold hosts weekly.

“Our business model is a little bit unique,” says Jeff Roper, who is the franchisee opening the store here.

“Basically, 100 percent of our clients come from a call-in radio show that is on Saturday mornings.”

The show will debut in Wichita at 9 a.m. July 10 on KNSS, 1330-AM.

“We could never go to a market where we couldn’t get on the air on Saturday mornings,” Roper says.

He says the company manages $5 billion in assets with its 80 stores nationally.

Roper has stores in Fresno and Seattle and is a minority partner in a store in Harrisburg, Pa.

He says Wichita is an ideal market.

The store “does very well in Midwestern-type cities.”

The Mutual Fund Store will have 1,400 square feet at Cambridge Market, which is at 21st and Webb.

Don Piros of Landmark Commercial Real Estate handled the deal.

Scottrade to open second Wichita branch at NewMarket Square

WICHITA — After 15 years in business in Wichita, Scottrade is opening its second location here.

“The business has been growing,” says Ernie Landwehr, branch manager.

Scottrade is a national discount stock brokerage firm.

The first location is in 1,500 square feet in Tallgrass Centre at 21st and Rock.

The new branch will be in 1,400 square feet next to Pei Wei at NewMarket Square at 21st and Maize.

April Reed with Slawson Cos., which owns NewMarket, handled the deal.

The new branch should be open by sometime in December.

You don’t say

“There aren’t many shoes left to drop because people are pretty barefooted right now.”

Jim Holt, president and CEO of Mid American Credit Union, on whether there are any more surprises to come in the economy

Oppenheimer & Co. to open east-side office

WICHITA – Oppenheimer & Co. is opening an east-side office at 1223 N. Rock, which will be the new home of most of its Wichita employees.

“It seemed like a logical choice,” Greg Schaff says of moving east.

Schaff is senior director of investments and branch manager for Oppenheimer in Kansas City, Mo. He’s the one who made the decision for the company to re-enter the Wichita market after being gone for several years.

“It made a whole lot of sense to me to re-establish in Wichita,” Schaff says. “It’s got a lot of potential.”

When the company first came back late last year, it hired public finance professional Theron Froggatte, whose office is located at 320 N. Main. He had extra space, so that’s where Oppenheimer put four more financial advisers.

Those advisers will move east, and the company is hiring one more plus a registered assistant. Froggatte will remain downtown.

Schaff likes the east side for its potential for future advisers and clients.

“It seemed to be where . . . the other brokerage firms were located,” he says. “It looks to be a fairly affluent area.”

Patrick Ahern of Grubb & Ellis/Martens Commercial Group handled the deal.

“It’s an exciting opportunity,” Schaff says.

Primerica to move to Domestic Laundry

Don Oliphant is bucking a trend and moving his Primerica Financial Services office from 21st and Rock to the Domestic Laundry building at 1425 E. Douglas.

“I know everybody’s like, ‘Why are you moving from Northeast Wichita to downtown Wichita?’ ” Oliphant says.

He’s moving the office, which provides a range of financial services, for several reasons.

“I just think this is the right time to move downtown,” Oliphant says. “There’s great development coming on in the downtown area.”

Also, he says, “It’s more centrally located. It’s easily accessible.”

And his office is out of space at Rock Hill Office Park.

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