State bank
Arkansas joined the union in 1836 right on the eve of the panic of 1837. The original Arkansas State constitution called for the creation of two banks. The State Bank of Arkansas, meant to loan money to individuals, and the Real Estate Bank of Arkansas, which was a land grant bank typical of those seen in other states such as Florida and Mississippi at the time. The two banks were chartered during the first legislative session and opened for business in 1838, but by 1840 the State bank had failed. Its bonds were then issued to the Real Estate bank.