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.
