Arkansas
State Bank Department

State Banking Board

Meeting Minutes for April 15, 2004

(updated May 13, 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, April 15, 2004.  The following Board Members were present:  Chairman Gus Rusher, Vice Chairman Charles Mazander, Margie Russ, and Richard Mays.   Board Members David Bartlett and David Short were called by phone and participated in the meeting by a conference call.  Representing the State Bank Department were Commissioner Bunny Adcock, Deputy Commissioners Don R. Clark and Candace Franks, and Administrative Assistants II Barbara Mahoney and Marilyn Myers.  Milton Fine and Leslie C. Rutledge from the Governor’s office were also in attendance.  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 March 10, 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 Gus Rusher.   At this time Mr. Rusher thanked David Bartlett for the excellent job he had done while serving as Chairman of the State Banking Board.

Next on the agenda was consideration of the Minutes of the February 26, 2004, Special Board Meeting.  A motion was made by Charles Mazander, seconded by Margie Russ, 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 Bartlett, seconded by David Short, to approve the Board’s expenses.  Motion carried and the Commissioner concurred.

Next on the agenda was an application by Bank of the Ozarks, Little Rock, Arkansas, for the merger of Sun Bank, Frisco, Texas, with and into Bank of the Ozarks, Little Rock, Arkansas.

Bob Fegtly with DD&F Consulting Group, Little Rock, represented and spoke for the Bank of the Ozarks application.  Chairman Rusher asked Mr. Fegtly to comment on the application.   He stated the merger is for the Bank of the Ozarks to branch into the Texas market.  It will be named Bank of the Ozarks’ branch.  Mr. Mazander asked if it will be a full service bank.  Mr. Fegtly stated it would be and will be under the supervision of the Arkansas State Bank Department.  He notes all steps have been taken with the Arkansas State Bank Department and the Texas Bank Department.  David Short commented this is a strong move into the Texas bank environment.  Gus Rusher commented on the good job Bank of the Ozarks is doing.  Paul Moore from the Bank of the Ozarks gave an overview of the long-term goals of the bank in going to Texas and then on to the east coast.  A motion was made by David Bartlett, seconded by Charles Mazander, to approve the application, the motion carried and the Commissioner concurred.

David Bartlett asked about the letter sent out by the Arkansas Legislative Audit.  It was explained this was normal procedure.

Gus Rusher and Charles Mazander commented on the Department’s newsletter, The Banker’s Advocate, and how much they appreciated this.  Commissioner Adcock gave credit to Richard Plotkin and Robert Hughes for this very successful endeavor.

Commissioner Adcock commented on Don Clark’s pending retirement from the Department on February 1, 2005.

He also stated that overall, the state banking system in Arkansas is very good.  He stated the Department has two new programs to track problem institutions.  The first is a list of banks that include comments from the examiners and office staff to keep everyone informed.  The second is a monthly watch list to keep banks from going under any kind of regulatory action/order, a system of early detection.  He stated the economy has helped cure a lot of problems in the banking world.

A general discussion was held concerning the benefits of the Commissioner’s Administrative Order #008 involving the Director’s Training Program.

A motion was made by Charles Mazander, seconded by Richard Mays, to adjourn.  Motion carried.