Another Arkansas lender is opting to become a state-regulated institution.
Bear State Bank of Little Rock, which now has a national bank charter despite its name, intends to convert to a state charter. Based on the current size of the $1.4 billion-asset lender, the change will produce an estimated $250,000 as-sessment this year for the Arkansas State Bank Department.
“They’re a little bit closer to home and understand what we deal with every day as a community bank,” said Mark McFatridge, president and CEO of the bank and its public parent company, Bear State Financial Inc.
The move will pare the number of Arkansas financial institutions overseen by the Office of the Comptroller of the Currency to 19. On April 1, Simmons First National Bank converted from a national banking association to a state-chartered bank on the way to rebranding as Simmons Bank. First National Bank of McGehee converted to First NaturalState Bank on Jan. 21.