Arkansas
State Bank Department

State Banking Board

Meeting Minutes for August 28, 2003

(updated September 4, 2003)

 

A special meeting of the State Banking Board was held in the conference room of the Arkansas State Bank Department, 400 Hardin Road, Suite 100, Little Rock, Arkansas, at 10:00 a.m. on Thursday, August 28, 2003.  The following Board Members were present:  Chairman David Bartlett, Vice Chairman Gus Rusher, Richard Mays, Charles Mazander,  and  Margie Russ.  David Short was absent.  Representing the State Bank Department were Commissioner Bunny Adcock, Deputy Commissioners Don R. Clark and Candace Franks, Management Project Analyst Cynthia Nixon, Administrative Assistants II Barbara Mahoney and Marilyn Myers, and Commissioned Examiner Richard Plotkin.  Lynn Perkins from Bushman Court Reporting was the recording reporter for the applicants.   Tom Gay was present from the Attorney General’s office.  Milton Fine, the Governor’s office liaison representative, was also present.  No representatives from the media were present.

            State Bank Commissioner, Bunny Adcock, called this special meeting of the State Banking Board.  Notice of the special meeting was sent by regular mail to each member of the State Banking Board on July 24, 2003.  The notices were also given to the news media in accordance with state law.

Commissioner Adcock opened the meeting and welcomed new Board Member Richard Mays to the Board.  He then asked the visitors and guest to stand and introduce themselves and state whom they represent.   He then turned the meeting over to Chairman David Bartlett.  Mr. Bartlett also welcomed new Board Member Richard Mays to the Board.

First on the agenda was consideration of the Minutes of the June 5, 2003, Special Board Meeting.  A motion was made by Charles Mazander, seconded by Gus Rusher, to approve the Minutes as presented.  Motion carried and the Commissioner concurred.

Next was approval of expenses for the Board.  A motion was made by Gus Rusher, seconded by Margie Russ, to approve the Board’s expenses.  Motion carried and the Commissioner concurred.

Next on the agenda was consideration of an application by Arkansas Capital Corporation to establish and operate a capital development company to be named Commerce Development Company, LLC.   C. Sam Walls, Executive Vice President and Chief Operating Officer of Arkansas Capital Corporation Group, represented and spoke for the application.   He presented a lengthy presentation about the history of Arkansas Capital Corporation and the purpose for this new company.  He noted the applicant has an independent Board of Directors and is regulated by the Arkansas State Bank Department.  He stated tax incentives were the main reason for investors to invest under the original law of 1985.  After general questioning by the Board, a motion was made by Gus Rusher, seconded by Charles Mazander, to approve the application.  Motion carried and the Commissioner concurred.

Commissioner Adcock brought the Board up-to-date on Farmers Bank, Hamburg.  He also discussed the general economic condition of the state, noting the number of banks under regulatory supervision has decreased and the general overall economy of the state appears to be on the upswing.  He stated the catfish farmers still have a problem, along with the hog industry in Northwest Arkansas; however, the general overall economy of Northwest Arkansas is really strong. 

All business attended to the meeting was adjourned.