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23-46-405. Investigation — Notice of hearing.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-46-405. Investigation — Notice of hearing.
(a) When the departmental investigation pursuant to § 23-46-205 or § 23-48-304 is closed and the application fees have been paid, an application filed pursuant to § 23-46-403 shall be referred to the State Banking Board for consideration by it and the Bank Commissioner at a public hearing.
(b) Notice of the time, place, and purpose of the meeting shall be given at least thirty (30) days before the hearing as follows:
(1) By letter from the commissioner to the sponsors of the application and to any protestant that has filed an official written protest to the application; and
(2) By release to news media.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-46-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-46-405
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 92afc34a5114a8628d3f1680b44f93002973e4379a9752ff1ead019edd37cee4
Source location: content.xml paragraph 22164
Stored source content
23-46-405. Investigation — Notice of hearing.
(a) When the departmental investigation pursuant to § 23-46-205 or § 23-48-304 is closed and the application fees have been paid, an application filed pursuant to § 23-46-403 shall be referred to the State Banking Board for consideration by it and the Bank Commissioner at a public hearing.
(b) Notice of the time, place, and purpose of the meeting shall be given at least thirty (30) days before the hearing as follows:
(1) By letter from the commissioner to the sponsors of the application and to any protestant that has filed an official written protest to the application; and
(2) By release to news media.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-46-205. Bank Commissioner — Powers and duties.
(a) The Bank Commissioner shall be charged with the general supervision of financial institutions, the execution of all laws passed by the State of Arkansas relating to the organization, operations, inspection, supervision, control, liquidation, and dissolution of banks, bank holding companies, subsidiary trust companies, and the general commercial banking business of Arkansas, and such other duties as prescribed by law.
(b)(1) The commissioner shall have the power to issue such rules as may be necessary or appropriate to carry out the intent and purposes of all those laws and to issue cease and desist orders against any financial institution, or an officer, director, or employee of any financial institution, found to be violating federal banking laws or regulations, violating the banking laws of this state or State Bank Department rules, violating any regulatory agreement, or jeopardizing the safety and soundness of any financial institution.
(2)(A) The commissioner may issue rules only with the approval and consent of the State Banking Board, but he or she shall have the power to issue cease and desist orders upon his or her own motion.
(B) Nothing in this section shall be construed to curtail the commissioner's power to issue emergency rules with the approval and consent of the board.
(3)(A) Any person subject to a cease and desist order issued by the commissioner who refuses or fails to comply with the terms of the order may be assessed a monetary penalty for the failure to comply with the provisions of the cease and desist order after a ten-day notice given by the commissioner to the institution or person subject to the order.
(B) The amount of the monetary penalty shall not exceed one thousand dollars (
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-46-205
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-46-205. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-46-403. Applications.
When any of the following applications are filed with the Bank Commissioner, the sponsors of the applications shall give notice of filing in accordance with State Bank Department rules:
(1) An application for the issuance of a new state bank charter;
(2) An application for the merger or consolidation of one (1) or more banks into a state bank;
(3) An application for the merger or consolidation of one (1) or more savings and loan associations into a state bank;
(4) An application for the purchase by one (1) state bank of greater than fifty percent (50%) of the assets of another depository institution or an application for the assumption by one (1) state bank of greater than fifty percent (50%) of the liabilities of another depository institution; or
(5) An application for the change of a state bank's place of business from one municipality to another.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-46-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-46-403. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-304. Investigation of new charter applications by Bank Commissioner.
(a) As soon as practicable after acceptance of any application for a new state bank charter and receipt of the filing fee, the Bank Commissioner shall ascertain, from the best sources of information at his or her command, the character and general fitness of the persons named as stockholders of more than five percent (5%) of the issued stock and their standing in the community in which the proposed institution is to be located.
(b) The investigation shall seek to determine the probable support for the new state bank and the adequacy of existing facilities and services in the community.
(c) The investigation shall address:
(1) The proposed institution's earnings and deposits prospects;
(2) The ability and character of its proposed management;
(3) The adequacy of initial capital;
(4) The safety and soundness of intended operations;
(5) The economic conditions in the market to be served;
(6) The convenience and needs of the community to be served; and
(7) Whether or not its proposed corporate powers are consistent with applicable banking law.
(d) The commissioner shall also determine to his or her satisfaction that:
(1) The persons named as stockholders of more than five percent (5%) of the issued stock, incorporators, and directors have the confidence of the community and are able, financially and otherwise, to discharge the obligations resting upon them under any of the provisions of this chapter;
(2) The requisite capital has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the commissioner and that the requirements of § 23-48-310 have been met;
(3) A majority of the stockholders are residents of this state; and
(4
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-304
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-48-304. This identifies an authority to review, not proof of applicability.