Arkansas
State Bank Department

State Banking Board

Meeting Minutes for April 17, 2008

(updated July 21, 2008)

A regular  meeting of the Arkansas 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 April 17, 2008.  The following Board Members were present:  Chairman Marcus McCain, Vice Chairman John Freeman, Margie Russ, David Short, Elmer Flucht, and Creed Spann.  Representing the State Bank Department were Commissioner Candace A. Franks, Deputy Commissioners Luther Guinn and Susannah Marshall, Attorney Brent Taylor, Financial Analyst Cara Lank, and Management Project Analyst Barbara Mahoney.  Sharon Hill from Bushman Court Reporting was the recording reporter for the applicant.

Commissioner Franks opened the meeting.  Secretary Luther Guinn declared a quorum was present.  Commissioner Franks then asked the visitors and guest to stand and introduce themselves and state who they represent.  She then turned the meeting over to Chairman Marcus McCain.  

First on the agenda was consideration of the Minutes of the January 17, 2008, Regular Board Meeting.  A motion was made by Creed Spann, seconded by Margie Russ, to approve the Minutes as presented.  Motion carried and the Commissioner concurred.

Next on the agenda was approval of expenses for the Board.  A motion was made by John Freeman, seconded by David Short, to approve the Board’s expenses.  Motion carried and the Commissioner concurred.

Next on the agenda was an application by The Farmers and Merchants Bank, Stuttgart, Arkansas, to merge Chart Bank, Perryville, Arkansas with and into The Farmers and Merchants Bank, Stuttgart, Arkansas.  Mr. Don Pattillo, President and Chief Executive Officer for The Farmers and Merchants Bank represented and spoke for the applicant.  Mr. Pattillo stated that The Farmers and Merchants Bank has 350 stockholders with no one individual or family having a controlling interest.  He stated that the bank put its capital to work and has acquired three branches in the area, but realized to have growth opportunities the bank needed to move out of the delta.  He further stated they started looking and identified a bank in Perryville that appeared to have very good management in place.  He also stated that the Perryville bank was about 120 Million with branches in Morrilton and Bigelow.  Chairman McCain asked if the bank in Perry County would adopt the name The Farmers and Merchants Bank.  Mr. Pattillo responded yes.  Mr. Creed Spann asked when the name change would take effect.  Mr. Pattillo stated the new signage would go up upon approval by this Board and the accounting system would be merged on June 2, 2008.  Mr. John Freeman asked if there were immediate plans to expand into other markets.  Mr. Pattillo responded no.

A motion was made by Creed Spann, seconded by David Short, to approve the application, the motion carried and the Commissioner concurred.

Being no further business, a motion was made by David Short, seconded by John Freeman, to adjourn.  Motion carried.