Arkansas
State Bank Department
State Banking Board
Meeting Minutes for
(updated March 18, 2004)
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, February 26, 2004. All Board Members were present: Chairman David Bartlett, Vice Chairman Gus
Rusher, Charles Mazander, Richard Mays, Margie Russ, and David Short.
Representing the State Bank Department were Commissioner Bunny Adcock, Deputy
Commissioners Don R. Clark and Candace Franks, Management Project Analyst
Cynthia Nixon, and Administrative Assistants II Barbara Mahoney and Marilyn
Myers. Lynn Perkins from Bushman Court
Reporting was the recording reporter for the applicant. 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 January 22, 2004.
The notice was also given to the news media in accordance with state
law.
Commissioner
Adcock opened the meeting. Secretary Don
R. Clark declared a quorum was present.
Commissioner Adcock then asked the visitors and guest to stand and
introduce themselves and state who they represent. He then turned the meeting over to Chairman
David Bartlett. Mr. Bartlett
complimented Board Members Margie Russ and Richard Mays for being reappointed
to the State Banking Board.
Chairman
Bartlett then announced the first order of business was election of a new
Chairman and Vice Chairman for the coming year. A motion was made by David Short, seconded
by Richard Mays, to elect Gus Rusher Chairman and Charles Mazander Vice
Chairman for the year 2004. The motion
passed unanimously and the Commissioner concurred.
Next
on the agenda was consideration of the Minutes of the December 4, 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 David Short, seconded by Margie Russ, to approve
the Board’s expenses. Motion carried and
the Commissioner concurred.
Next
on the agenda was an application by Liberty Bank of Arkansas, Jonesboro,
Arkansas, to merge Peoples Bank, Paragould, Arkansas, with and into Liberty
Bank of Arkansas, Jonesboro, Arkansas.
Randy
Dennis with DD&F Consulting Group, Little Rock, represented the Liberty
Bank application. Chairman Bartlett
asked Mr. Dennis to comment on the application. Mr. Dennis stated the price of the bank
would be approximately $8,300,000.00; half would be in the form of stock and
the other half cash. He noted Liberty
Bank would now have fifteen [15] branches in Northeast Arkansas. He commented they would likely close on this
transaction in March or April this year.
He stated he was here to answer any questions the Board might have.
Mr.
Rusher asked about the condition of Peoples Bank in Paragould. Executive Vice President Chip Luter commented
there had been a lot of improvement in the bank. Mr. Rusher asked if the current officers
would be maintained. Mr. Dennis stated
the current officers would be maintained; however some directors will be let go
and others added. Mr. Rusher asked about
the various referred-to schedules not being in the application. Mr. Dennis stated they are voluminous and
contain certain confidential information and that is why they are not included
in the application. However, they are
available upon request.
Mr.
Rusher also inquired if the Peoples Bank was in any type of litigation. Executive Vice President Chip Luter explained
there was some litigation but it was minimal.
David
Bartlett questioned Randy Dennis about the market share. Mr. Dennis explained the (HHI)
Hersindahl-Hirschman Index. He stated
there was no problem with this and the application complies with this Index.
Mr.
Rusher asked Deputy Commissioner Franks if there had been any protest to this
application. She reported the Bank
Department had not received any notice of protest.
After
general discussion, Gus Rusher made a motion, seconded by Charles Mazander, to
approve the application. Motion carried
and the Commissioner concurred.
All
business attended to, the meeting was adjourned.
