Arkansas
State Bank Department
State Banking Board
Meeting Minutes for
January 20, 2005
(updated October 11, 2005)
A Regular 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, January 20, 2005. The following Board Members
were present: Chairman Gus Rusher, Vice Chairman
Charles Mazander, David Bartlett, and Margie Russ. Board Members
Richard Mays and David Short were absent. Representing the State Bank Department were Commissioner Bunny Adcock, Deputy
Commissioners Don R. Clark and Candace Franks,
Chief Examiner Luther Guinn, and Administrative Assistants II
Barbara Mahoney and Marilyn Myers. Lynn Perkins from
Commissioner Bunny Adcock opened the meeting. He expressed condolences
for the untimely death of King Gladden, Chairman and
Chief Executive Officer of Community First Bancshares,
Inc., Harrision, and one of the organizers of proposed Signature Bank,
Deputy Commissioner, 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.
First on the agenda was consideration of the Minutes of the November 23,
2004, Special Board Meeting. A motion was made by David
Bartlett, seconded by Charles Mazander, 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 Charles Mazander, 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 Calhoun
County Bank,
Next was consideration of an application by First Bank of South
Arkansas, Camden, Arkansas, to reorganize and relocate its bank charter
from 1325 Highway 278 Bypass, Camden,
Arkansas, to 2901 East Zion Road, Suite 11, Fayetteville, Arkansas. Watt
Gregory, attorney with KUTAK Rock, LLP,
Little Rock, Arkansas, counsel for White River Bancshares, spoke for the application outlining the transaction
and what the leadership of the bank holding
company is trying to accomplish. Gary
Head, Chairman of White River
Bancshares, also spoke for the application. He introduced several
officers, being the bank's major management
team. Gus Rusher asked for the proposed timeframe for opening. Mr. Head stated they are waiting on federal
regulatory approval and anticipate opening in late March, 2005. He further commented the bank will be a state chartered non-member bank. David Bartlett asked
about the number of shareholders and if they were in compliance. Gary Head
stated they were. He also stated
there had been some discussion and
additional information had been furnished to the Federal Deposit Insurance Corporation in reference to officers'
salaries and directors' fees. He
noted they have not heard back from
the Federal Deposit Insurance Corporation concerning this information but the amounts matched the market in
the area. Gus Rusher stated he felt concern about "over banking" in the
At this point, the Chairman called for a five minute recess.
The Board was called back into session by Chairman Gus Rusher.
The next item on the agenda was consideration of a proposed regulation
to include an application to Reorganize and
Relocate Bank Charters and to set the fee at $6,500 [see copy appendage to
these Minutes]. After general discussion, a motion was made by David Bartlett, seconded by Charles Mazander, to approve the application change and fee change. Motion carried and the
Commissioner concurred.
Next was the election of a Chairman and Vice Chairman for the State
Banking Board for the year 2005. Several
years ago, due to the addition of a sixth Board Member, the rotation of Board Members as Chairman, on an annual basis of a five-year appointment, was
not possible. A letter from the Commissioner
outlining a possible solution to the problem was mailed to each Board
Member [see copy appendage to these Minutes].
A motion was made by David Bartlett, seconded by Margie Russ, that Gus Rusher continue to serve as Chairman and Charles
Mazander continue to serve as Vice Chairman
for the year 2005. Motion carried and the Commissioner concurred.
Next, due to
the retirement of Deputy Commissioner Don R. Clark, Secretary to the State Banking Board, it was necessary the Board
appoint a new Secretary. A motion
was made by Charles Mazander,
seconded by Margie Russ, to appoint Chief Examiner Luther Guinn as Secretary as he will be promoted to Deputy
Commissioner upon the retirement of Mr. Clark. Motion carried and the
Commissioner concurred.
Chairman Gus Rusher congratulated Mr. Clark, stating the Board has
appreciated his work and dedication to the
Department. He stated a plaque of appreciation for 27 years as Secretary to the State Banking Board had been presented at
Don's retirement reception. A motion was made by
Charles Mazander, seconded by David Bartlett, for a Resolution from the Board recognizing Don's service to the Board and
Bank Department [see copy appendage to these
Minutes]. Motion carried and the Commissioner concurred.
Chairman Rusher asked if the Commissioner had any comments to share at
this time about banking in
Chairman Rusher complimented the Commissioner and
the Department on the good job they are doing for banking in
No further business, the meeting was adjourned.
