reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 4 - BANK HOLDING COMPANIES (§§ 23-48-401 — 23-48-406) › Section 23-48-406 - Acquisition of bank stock or assets - Limitations

(a)
A bank holding company is prohibited from acquiring ownership or control of the stock or the assets of any bank that has its main office or any branch office in Arkansas, if, after giving effect to the acquisition of the stock or the assets of that bank, the acquiring bank holding company would own or control, directly or indirectly, banks having in the aggregate more than twenty-five percent (25%) of the total deposits within the State of Arkansas held by banks.
(b)
(1)
Determinations of the percentage of total deposits required by subsection (a) of this section shall be made as of the date of acquisition of the stock or assets.
(2)
The determinations shall be made with reference to the average total deposits of the respective banks as reflected on their quarterly financial reports for the four (4) fiscal quarters immediately preceding the date of acquisition as filed with the Federal Deposit Insurance Corporation, or its successor, or if the deposits of the bank are not insured by the Federal Deposit Insurance Corporation, then as filed with the State Bank Department, or its successor.
(c)
For the purpose of this section, the term "deposits" shall include, without limitation, all demand, savings, time, certificates of deposit, and other similar depository accounts of any person, but shall not include depository accounts of banks or public funds.
(d)
(1)
Nothing in this section is intended to prevent any bank holding company domiciled in the State of Arkansas from acquiring ownership or control of banks domiciled outside the State of Arkansas if applicable state or federal laws permit the Arkansas bank holding company to do so.
(2)
However, except as permitted by applicable federal law or specifically authorized by this subchapter, no bank holding company domiciled outside the State of Arkansas shall be authorized to acquire direct or indirect control of a bank domiciled within the State of Arkansas.
Acts 1997, No. 89, § 1; 1997, No. 408, § 11.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-501 - Definitions

As used in this subchapter:
(1)
"Converting bank" means a state bank converting to a national bank, a national bank converting to a state bank, or a savings and loan association converting to a state bank;
(2)
"Dissenters' rights" means the rights of dissenting stockholders specified in §
23-48-506
;
(3)
"Interstate merger transaction" means:
(A)
The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(B)
The purchase of all or substantially all of the assets, including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank;
(4)
"Merger" includes consolidation in all sections of this subchapter except §
23-48-509
;
(5)
"Purchase or assumption" means the purchase by a state bank of over fifty percent (50%) of the assets of another depository institution, or the assumption by a state bank of over fifty percent (50%) of the liabilities of another depository institution;
(6)
"Resulting bank" means:
(A)
One (1) or more banks created from a merger or conversion; or
(B)
The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; and
(7)
"Wholly owned Arkansas bank holding company" means a "bank holding company", as that term is defined in §
23-45-102
, incorporated under the laws of the State of Arkansas, all of the outstanding shares of each class of the capital stock of which are owned by a single individual or entity.
Acts 1997, No. 89, § 1; 1997, No. 408, § 12; 2007, No. 170, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-502 - Merger or conversion of state bank into national bank

(a)
Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into a national bank, including a national bank with a home state other than Arkansas.
(b)
The action to be taken by a merging or converting state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for national banks, at the time of the action, by the laws of the United States, and not by the law of this state, except that:
(1)
The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger or conversion;
(2)
Upon the merger of a state bank into a national bank, the stockholders of the state bank shall have dissenters' rights; and
(3)
If the national bank is an out-of-state bank, then §
23-48-902
et seq. shall be applicable to the merger.
(c)
(1)
Approval by the Bank Commissioner or any other state authority is not necessary for a state bank to convert or merge into a resulting national bank as provided by federal law.
(2)
(A)
However, within ten (10) days following the effective date of the merger or conversion, the resulting bank shall be required to file in the office of the commissioner, a complete copy of the articles of merger or conversion.
(B)
The copy of the articles of merger or conversion shall be certified by the president or chief executive officer or a vice president of the resulting bank.
(d)
Upon the completion of the merger or conversion, the charter of any merging or converting state bank shall automatically terminate.
Amended by Act 2017, No. 198,§ 10, eff. 8/1/2017.
Acts 1997, No. 89, § 1; 1997, No. 408, § 13.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-504 - Conversion of national bank or savings and loan association into state bank

(a)
A national bank or savings and loan association having its main office in this state which follows the procedure prescribed by applicable federal or other law may convert into a state bank and may be granted a charter by the State Banking Board with the concurrence of the Bank Commissioner.
(b)
The national bank or savings and loan association may apply for a state charter by filing with the commissioner an application containing the information that the commissioner may require along with a certificate signed by its president or chief executive officer or a vice president stating the action taken in compliance with the provisions of the applicable laws, accompanied by the articles of incorporation approved by a majority vote of the stockholders for the governance of the applicant as a state bank.
(c)
The public hearing at which the issuance of the state charter is authorized shall be called by the commissioner:
(1)
On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and
(2)
Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing.
(d)
If, at the hearing, both the commissioner and the board find that the proposed state bank meets the standards as to location of offices, capital structure, and character of officers and directors required for the incorporation of a state bank, they shall grant the application for conversion.
Amended by Act 2017, No. 198,§ 11, eff. 8/1/2017.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-505 - Merger of state bank into an out-of-state state-chartered bank

(a)
Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank.
(b)
The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that:
(1)
The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and
(2)
Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have dissenters' rights.
(c)
The merger shall only be consummated after compliance with all applicable provisions of §
23-48-901
et seq.
(d)
Upon the completion of the merger, the charter of any merging state bank shall automatically terminate.
Acts 1997, No. 408, § 15.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-507 - Continuation of corporate entity - Use of old name

(a)
A resulting bank shall be the same business and corporate entity as each party to the merger or as the converting bank, with all the property, rights, powers, liabilities, and duties of each party to the merger or the converting bank, except as affected by the state law in the case of a resulting state bank or the federal law in the case of a resulting national bank and by the charter and bylaws of the resulting bank.
(b)
A resulting bank shall have the right to use the name of any party to the merger or of the converting bank whenever it can more conveniently do any act under that name.
(c)
Any reference to a party to the merger or converting bank in a contract, will, or document, whether executed or taking effect before or after the merger or conversion, shall be deemed to refer and apply to the resulting bank if not inconsistent with the other provisions of the writing.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-508 - Resulting state bank - Time for conformance with state law

If a party to a merger or converting bank has assets which do not conform to the requirements of state law for the resulting state bank or if it carries on business activities which are not permitted for the resulting state bank, the Bank Commissioner may permit a reasonable time in which to conform with state law.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-509 - Merger of wholly owned Arkansas bank holding company into state bank

(a)
With the approval of the Bank Commissioner, any wholly owned Arkansas bank holding company that owns all of the outstanding shares of each class of the capital stock of a subsidiary state bank may be merged into the bank to result in a state bank without the approval of the shareholders of either the wholly owned Arkansas bank holding company or the state bank, provided that the merger otherwise complies with the then-applicable law of this state.
(b)
The board of directors of the wholly owned Arkansas bank holding company and the board of directors of the state bank shall adopt a plan of merger that sets forth:
(1)
The names of the wholly owned Arkansas bank holding company and state bank; and
(2)
The manner and basis of converting the shares of the wholly owned Arkansas bank holding company into shares of the state bank.
(c)
The articles of merger containing the plan of merger, signed by each constituent corporation by its president or chief executive officer or a vice president, shall be filed with the commissioner in the manner required by law for the merger of state banks, and after the commissioner's approval, with the Secretary of State in the manner required by law for the merger of business corporations.
(d)
The articles of merger shall become effective upon the filing of the articles with the Secretary of State and, not more than sixty (60) days after the approval of the articles by the commissioner, as may be specified in the articles as the time when the merger shall become effective.
Amended by Act 2017, No. 198,§ 12, eff. 8/1/2017.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-510 - Purchases or assumptions by a state bank

(a)
(1)
With the approval of the State Banking Board and the concurrence of the Bank Commissioner and subject to the provisions of this subchapter and provided that no party to a proposed transaction has a de novo charter, a state bank may purchase all or a majority of the assets or assume all or a majority of the liabilities of another depository institution.
(2)
(A)
The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution.
(B)
The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner.
(3)
The commissioner shall cause the application to be investigated as soon as practicable, and the application and the results of the investigation shall be forwarded to the board.
(4)
The board shall hold a public hearing on the application pursuant to notice and procedure required for the applications.
(5)
The commissioner shall approve the application if, at the hearing, both the commissioner and the board find that the proposed purchase or assumption:
(A)
Provides adequate capital structure;
(B)
Is fair;
(C)
It is not contrary to public interest; and
(D)
Adequately provides for dissenters' rights for the stockholders of any selling state bank.
(b)
(1)
With the approval of the commissioner, a state bank may assume less than a majority of the liabilities of another depository institution.
(2)
The agreement of purchase and sale for the assumption of the liabilities referred to in subdivision (b)(1) of this section shall be authorized and approved by the boards of directors of the assuming state bank and selling depository institution.
(3)
(A)
A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require.
(B)
The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption:
(i)
Provides adequate capital structure;
(ii)
Is fair; and
(iii)
Is not contrary to public interest.
(c)
No approval by the commissioner or the board is required for the purchase by a state bank of less than a majority of the assets of another depository institution.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-511 - Commissioner's granting of new charter or branch facility in connection with failed institutions

(a)
Upon application of either individual incorporators or a bank holding company, the Bank Commissioner is authorized to grant a state bank charter to the applicant immediately and without the approval of the State Banking Board if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a failed depository institution when the receiver of the failed depository institution has solicited bids for the sale of its deposits.
(b)
The commissioner is further authorized to grant more than one (1) state bank charter pursuant to solicitation of bids by the receiver of a failed depository institution should the receiver determine to solicit bids for deposits at separate offices or branches of a failed depository institution.
(c)
Any state bank charter granted by the commissioner pursuant to this section shall not be considered a de novo charter as that term is defined in §
23-45-102
.
(d)
(1)
The commissioner may grant a branch bank application for a state bank to acquire the deposits and operate a branch of a failed depository institution regardless of state law limiting branch locations should the application be submitted pursuant to the solicitation of bids by the receiver of a failed depository institution and should the commissioner find the action would protect depositors of the failed depository institution.
(2)
The commissioner may grant an application for a state bank to acquire deposit liabilities without continued operation of a bank facility if the applicant has submitted an application therefor pursuant to this section.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 5 - MERGERS, CONSOLIDATIONS, CONVERSIONS, EMERGENCY ACQUISITIONS, PURCHASES, OR ASSUMPTIONS (§§ 23-48-501 — 23-48-512) › Section 23-48-512 - Provisions when resulting state bank not to exercise trust powers

When a resulting state bank is not to exercise trust powers, the Bank Commissioner shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank.
Acts 1997, No. 89, § 1; 1997, No. 408, § 15.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 6 - REORGANIZATION THROUGH PLAN OF EXCHANGE (§§ 23-48-601 — 23-48-605) › Section 23-48-604 - Effect of exchange

(a)
(1)
When the plan of exchange of shares as filed with the Bank Commissioner and approved by the commissioner under §
23-48-603
becomes effective in accordance with the terms of the plan, the exchange provided for therein shall be deemed to have been consummated, and each shareholder of the state bank whose shares were acquired shall thereupon cease to be a shareholder of the state bank.
(2)
The ownership of shares acquired in the plan of exchange, except shares payment of the value of which is required to be made under §
23-48-603
, hereinafter sometimes referred to as "dissenting shares", shall automatically vest in the bank holding company as the acquiring person without any physical transfer or deposit of certificates representing the shares.
(3)
All dissenting shares shall be considered authorized but no longer outstanding shares of the state bank and may be disposed of in accordance with the provisions of the plan of exchange or as otherwise approved by the commissioner.
(b)
(1)
Certificates representing shares acquired in the plan of exchange of the state bank prior to the plan of exchange's becoming effective, except certificates representing dissenting shares, shall represent, after the plan of exchange becomes effective:
(A)
Shares of the capital stock or other securities of the bank holding company to be issued in exchange for shares of the state bank; and
(B)
The right, if any, to receive cash or other consideration upon terms specified in the plan of exchange.
(2)
However, the plan of exchange may specify that all such certificates shall represent, after the plan of exchange becomes effective, only the right to receive shares of stock or other securities issued by the bank holding company, cash, or a combination thereof upon such terms as specified in the plan of exchange.
Acts 1997, No. 89, § 1; 1999, No. 117, § 2.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 6 - REORGANIZATION THROUGH PLAN OF EXCHANGE (§§ 23-48-601 — 23-48-605) › Section 23-48-605 - State bank and holding company to remain separate - Nonliability of directors, officers, etc

The state bank and the bank holding company shall remain separate and distinct entities in all respects, with neither entity having any liability to the creditors or depositors, if any, or the stockholders of the other, or for any acts or omissions of the officers, directors, stockholders, or representatives of the other, other than obligations which may be expressly provided for in the plan of exchange.
Acts 1997, No. 89, § 1; 1999, No. 117, § 3.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 7 - BRANCH OFFICES (§§ 23-48-701 — 23-48-705) › Section 23-48-701 - Definitions

As used in this subchapter:
(1)
(A)
"Full service branch" means a banking facility separate from the main office of the bank at which all lawful banking activities may be conducted as fully as in the main office.
(B)
"Full service branch" includes a mobile facility that:
(i)
Conducts banking business within the same county as the main office or another full service branch of the bank;
(ii)
Does not have a single, permanent site;
(iii)
Does not remain within five (5) miles of any banking location for more than two (2) business days;
(iv)
Travels to various locations within the county to enable customers to conduct banking business; and
(v)
Maintains a log of operations indicating the date and specific location of each stop;
(2)
"Healthy bank" means a state bank whose financial condition satisfies the criteria established by State Bank Department rule; and
(3)
"Supervisory banking authority" means the Bank Commissioner for state banks and the United States Comptroller of the Currency for national banks.
Amended by Act 2019, No. 315,§ 2549, eff. 7/24/2019.
Acts 1997, No. 89, § 1; 2005, No. 1816, § 1; 2007, No. 42, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 7 - BRANCH OFFICES (§§ 23-48-701 — 23-48-705) › Section 23-48-704 - Preexisting facilities

Any bank may, at its option, operate any branch office, teller's window, or other banking facility which is separate from the main office of the bank and in operation on June 30, 1988, as a full-service branch or a customer-bank communications terminal.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 7 - BRANCH OFFICES (§§ 23-48-701 — 23-48-705) › Section 23-48-705 - Notice of termination of full-service branch

When a full-service branch has once been established under any provision of this subchapter or any prior act, the operation thereof shall not be discontinued or the facility closed unless ninety (90) days' prior notice of intention to terminate the operation is given in writing to the supervisory banking authority.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-801 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
(A)
"Customer-bank communication terminal", or "CBCT", means any electronic device or facility, other than a point-of-sale terminal, together with all associated equipment, structures, and systems, through or by means of which a customer and a bank may engage in any banking transaction, whether transmitted to the banking institution instantaneously or otherwise. This definition specifically includes automatic teller machines.
(B)
Banking transactions include, without limitation, the receipt of deposits of every kind, the receipt and dispensing of cash, requests to withdraw money from an account or pursuant to an authorized line of credit, receiving payments payable at the bank or otherwise, and transmitting instructions to receive, transfer, or pay funds for a customer's benefit.
(C)
However, nothing in this subdivision (1) shall be deemed to apply to devices used by banks to effect transactions of any nature with other banks;
(2)
"Point-of-sale terminal" means electronic or mechanical equipment located in nonbank business outlets to record or execute, directly with a bank, transactions occurring as a result of the sale of goods or services, provided the equipment neither dispenses cash nor accepts deposits. For purposes of this definition, the crediting of an account for merchandise returned or for services previously provided shall not be considered as an acceptance of a deposit; and
(3)
"Supervisory banking authority" means the Bank Commissioner and the State Banking Board for state banks and the United States Comptroller of the Currency for national banks.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-802 - Location of customer-bank communication terminals

A bank, individually or jointly with one (1) or more other banks in the state, may establish, maintain, and use one (1) or more customer-bank communication terminals anywhere in this state and in any location in any one (1) or more other states if permitted by the applicable law of the other state.
Acts 1997, No. 89, § 1; 1997, No. 408, § 17.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-803 - Notice of establishment of terminal

(a)
As to any and each customer-bank communication terminal which a state bank proposes to establish, the state bank shall notify the Bank Commissioner of the establishment and location of the terminal.
(b)
No notice need be given for any device or machine which:
(1)
Is used solely to verify a customer's credit for purposes of check cashing or of a credit card transaction; or
(2)
Is a part of a bank's authorized main office or branch.
(c)
No hearing or permit shall be required to establish or use a customer-bank communication terminal.
Acts 1997, No. 89, § 1; 1999, No. 113, § 8.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-804 - Out-of-state banks

(a)
Any out-of-state bank may establish, maintain, and operate a customer-bank communication terminal anywhere in this state.
(b)
(1)
Out-of-state state-chartered banks other than registered out-of-state banks shall file the notice set forth in §
23-48-803
with the Bank Commissioner.
(2)
Registered out-of-state banks shall satisfy all filing requirements under the regulations of their home state regulator concerning the establishment, maintenance, and operations of out-of-state customer-bank communication terminals.
(c)
Nothing in this section shall limit, restrict, or prohibit any Federal Reserve Bank or branch thereof from operating any electronic funds transfer system in this state.
Acts 1997, No. 89, § 1; 1997, No. 408, § 18.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-805 - Point-of-sale terminals not subject to regulation by Bank Commissioner

A point-of-sale terminal, as defined in this subchapter, shall not be subject to the regulation or supervision of the Bank Commissioner.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-806 - Interconnected terminals

(a)
In order to permit the transaction of any banking function authorized under this subchapter between a bank and its customers, any bank, pursuant to the provisions of this subchapter, may be interconnected with:
(1)
One (1) or more customer-bank communication terminals, including out-of-state customer-bank communication terminals, established by one (1) or more other banks; and
(2)
One (1) or more electronic funds transfer systems or computer systems, regardless of the location of the banks, customer-bank communication terminals, electronic funds transfer systems, or computer systems.
(b)
However, nothing in this section shall be construed as permitting any out-of-state bank, other than a registered out-of-state bank, to conduct banking business in this state unless expressly permitted by the Arkansas Banking Code of 1997.
Acts 1997, No. 89, § 1; 1997, No. 408, § 19.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-807 - Persons attending terminals - Verification of transactions

(a)
(1)
Except for customer-bank communication terminals located on the premises of the main office or a branch of a bank, a customer-bank communication terminal shall be unattended or attended by persons not employed by the bank utilizing the customer-bank communication terminal.
(2)
However, employees or agents of the bank or its agents may install, maintain, repair, and service the terminal and, for a reasonable period of time after the opening of the terminal, may provide an employee to instruct and assist customers in the operation of the terminal.
(b)
All transactions initiated through a customer-bank communication terminal shall be subject to verification by the bank, either by direct wire transmission or otherwise.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-808 - Privacy of account information

A bank using customer-bank communication terminals shall establish and maintain reasonable safeguards designed to protect the privacy and confidentiality of account information.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-809 - Approval for expanded powers of state banks

At such time as national banks having their main offices in this state are permitted to establish and use customer-bank communication terminals in places or for transactions not permitted under this subchapter, all state banks shall have the powers permitted national banks with respect to the establishment and use of customer-bank communication terminals, provided that the Bank Commissioner authorizes such use.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 8 - CUSTOMER-BANK COMMUNICATION TERMINALS (§§ 23-48-801 — 23-48-810) › Section 23-48-810 - Sharing of communication terminals - Definitions

(a)
(1)
An agreement to share a customer-bank communication terminal shall not prohibit, limit, or restrict the right of a bank from charging a customer-bank communication terminal usage fee.
(2)
The usage fee may be imposed only if imposition of the usage fee is disclosed at a time and in a manner that allows a user to terminate or cancel the transaction without incurring the usage fee.
(b)
(1)
For purposes of this section, "usage fee" is a fee charged by a customer-bank communication terminal owner on transactions by a holder of a foreign bank card.
(2)
For purposes of this section, a "foreign bank card" is a card eligible for use in a customer-bank communication terminal, which card is not issued by the customer-bank communication terminal owner.
Amended by Act 2015, No. 588,§ 2, eff. 7/22/2015.
Amended by Act 2013, No. 153,§ 1, eff. 2/26/2013.
Acts 1997, No. 89, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-902 - Authority of state banks to establish interstate branches by merger

(a)
With the prior approval of the State Banking Board and the Bank Commissioner, a state bank may establish, maintain, and operate one (1) or more branches in one (1) or more states other than Arkansas pursuant to an interstate merger transaction in which the state bank is the resulting bank.
(b)
Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant state bank shall file an application on a form prescribed by the commissioner and pay the fee prescribed by §
23-46-404
. The applicant shall also comply with the applicable provisions of §
23-48-501
et seq.
(c)
(1)
If the board and commissioner, after a hearing, find that:
(A)
The proposed merger provides adequate capital structure;
(B)
The terms of the merger agreement are fair;
(C)
The merger is not contrary to the public interest;
(D)
The proposed merger adequately provides for dissenters' rights; and
(E)
The requirements of all applicable state and federal laws have been complied with,
then the board and the commissioner shall approve the interstate merger transaction and the operation of branches outside of Arkansas by the state bank.
(2)
An interstate merger transaction may be consummated only after the applicant has received the written approval of the board and the commissioner.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-903 - Interstate merger transactions and branching permitted

One (1) or more Arkansas banks, provided no such Arkansas bank has a de novo charter, may enter into an interstate merger transaction with one (1) or more out-of-state banks under this subchapter in which the out-of-state bank is the resulting bank, and the out-of-state bank may thereafter maintain and operate the branches in Arkansas of any Arkansas bank that was a party to the interstate merger transaction, provided that the conditions and filing requirements of §
23-48-1001
et seq. are met.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-905 - Notice and filing requirements

(a)
Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a state bank shall notify the Bank Commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency and shall submit a copy of that application to the commissioner and pay the filing fee, if any, required by the commissioner.
(b)
Any state bank which is a party to the interstate merger transaction shall comply with §
23-48-501
et seq. and with all other applicable state and federal laws.
(c)
Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall comply with applicable requirements of §
23-48-1001
et seq.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-906 - Powers - Additional branches

(a)
An out-of-state state-chartered bank which establishes and maintains one (1) or more branches in Arkansas under this subchapter may conduct any activities at such branch or branches which are authorized under the laws of Arkansas for state banks.
(b)
A state bank may conduct any activities at any branch outside Arkansas which are permissible for a bank chartered by the host state in which the branch is located, provided that the Bank Commissioner may prohibit any state bank from engaging in any activity not expressly allowed by the Arkansas Banking Code of 1997 if the commissioner determines, by order or rule, that the involvement of out-of-state branches of state banks in such activities would threaten the safety or soundness of state banks.
Amended by Act 2019, No. 315,§ 2552, eff. 7/24/2019.
Acts 1997, No. 408, § 20; 2011, No. 796, § 4.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-908 - Enforcement

If the Bank Commissioner determines that a branch maintained by an out-of-state state-chartered bank in Arkansas is being operated in violation of any provision of the laws of Arkansas, or that the branch is being operated in an unsafe or unsound manner, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were a state bank, provided, that the commissioner shall promptly give notice to the home-state regulator of each enforcement action taken against an out-of-state state-chartered bank and, to the extent practicable, shall consult and cooperate with the home-state regulator in pursuing and resolving the enforcement action.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-909 - Rules

The Bank Commissioner, with the approval of the State Banking Board, may promulgate rules that he or she determines to be necessary or appropriate in order to implement the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 2554, eff. 7/24/2019.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-910 - Notice of subsequent merger

Each registered out-of-state bank that has established and maintains a branch in this state pursuant to this subchapter shall give at least thirty (30) days' prior written notice or, in the case of an emergency transaction, shorter notice that is consistent with applicable state or federal law, to the Bank Commissioner of any merger, consolidation, or other transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank, which requires that an application be filed pursuant to the Change in Bank Control Act of 1978,
12 U.S.C. § 1817(j)
, or the Bank Holding Company Act of 1956,
12 U.S.C. § 1841
et seq., or any successor statutes thereto.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 9 - INTERSTATE BANK MERGERS AND BRANCHING (§§ 23-48-901 — 23-48-911) › Section 23-48-911 - Severability

If any provision of this subchapter or the application of any such provision is found by any court of competent jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank, or other person or circumstances, or to be superseded by federal law, the remaining provisions hereof shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.
Acts 1997, No. 408, § 20.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007) › Chapter 48 - ORGANIZATION AND OPERATION (§§ 23-48-101 — 23-48-1011) › Subchapter 10 - REGISTRATION OF OUT-OF-STATE BANKS (§§ 23-48-1001 — 23-48-1011) › Section 23-48-1001 - Application for certificate of authority

(a)
An out-of-state bank that desires to operate a branch location in the State of Arkansas, whether initial entry into the state is by an interstate merger transaction or establishment of a full-service branch, shall apply for a certificate of authority to transact banking business in this state. An applicant shall deliver an application to the Bank Commissioner for filing by the consummation of an interstate merger transaction or before establishment of a full-service branch. The application shall state:
(1)
The name of the bank;
(2)
The name of the state or country under whose law it is chartered;
(3)
Its date of formation and period of duration;
(4)
The street address of its principal office;
(5)
The address of its registered office in this state and the name of its registered agent at that office; and
(6)
The number and par value, if any, of shares of the bank's capital stock owned or to be owned by residents of this state.
(b)
The bank shall deliver with the completed application a certificate of existence, or a document of similar import, duly authenticated by the bank supervisory agency which chartered the bank or other official having custody of the corporate records of banking institutions in the state or country under whose law it is chartered.
Acts 1997, No. 408, § 20; 2011, No. 796, § 5.