Anstaff Bank of Green Forest (Carroll County) has joined a growing procession of Arkansas lenders in converting their national charter to a state charter.
The $437 million-asset bank is seeking regulatory approval to make the change, as is Bear State Bank (see Bear State Latest Bank Going for State Charter).
Once the two proposals are approved, the number of Arkansas financial institutions regulated by the Office of the Comptroller of the Currency will fall to 18. The roster of banks regulated by the Arkansas State Bank Department will climb to 86.
First NaturalState Bank (formerly First National Bank of McGehee) and Pine Bluff’s Simmons Bank (formerly Simmons First National Bank) started the 2016 national-to-state conversion line.
“It’s something we’ve been thinking about for quite awhile,” said Stephen Stafford, chairman and CEO of Anstaff. “We hated to do it. They’ve been a good regulator to us for 85 years.”
The bank, formed as The First National Bank in Green Forest back on May 4, 1931, adopted the Anstaff moniker less than two years ago.
Stafford said he talked with other bankers who had made the switch and decided it was time to move from the OCC to the State Bank Department.
“They better understand us and how we operate,” he said. “And our customers.”
Is the trend line heading toward who will be the last national bank standing?
“I don’t know if that’s the case or not,” Stafford said with a laugh.
OCC-Regulated Financial Institutions in Arkansas
| Total Assets* | ||
| 1 | Bear State Bank, Little Rock** | $1,922,301 |
| 2 | First National Bank of Fort Smith | $1,255,160 |
| 3 | First National Bank, Paragould | $1,033,636 |
| 4 | Relyance Bank, Pine Bluff | $587,432 |
| 5 | Malvern National Bank | $511,553 |
| 6 | Integrity First Bank, Mountain Home | $441,960 |
| 7 | Anstaff Bank, Green Forest** | $437,678 |
| 8 | Fidelity National Bank, West Memphis | $391,933 |
| 9 | First National Bank of Eastern Arkansas, Forrest City | $388,026 |
| 10 | Legacy National Bank, Springdale | $378,163 |
| 11 | One Bank & Trust, Little Rock | $324,365 |
| 12 | First National Bank of Wynne | $282,060 |
| 13 | First National Bank of Lawrence County, Walnut Ridge | $206,645 |
| 14 | First National Bank of North Arkansas, Berryville | $190,892 |
| 15 | Helena National Bank | $187,882 |
| 16 | First National Bank of Izard County, Calico Rock | $160,333 |
| 17 | First National Bank of Crossett | $143,747 |
| 18 | First National Bank at Paris | $134,335 |
| 19 | Priority Bank, Fayetteville | $83,827 |
| 20 | Forrest City Bank | $48,866 |
* In thousands as of March 31, 2016
** Application for conversion to Arkansas state charter pending
LPO Conversion
The menu of banking options in the state’s largest market is gaining a new entry.
Stone Bank of Mountain View (which converted from a national charter last August) intends to convert its west Little Rock loan production office into a full-service branch.
The move would make the $106 million-asset lender the 27th bank to operate a branch in the Pulaski County market.
The $12.2 billion-deposit market was home to 183 full-service bank branches during the last regulatory census.
No CEO Required
The reshuffling of titles at Heartland Bank of Little Rock gave some bank watchers pause.
Why was the position of CEO left vacant?
The short answer is: Because they can.
Under Arkansas law, a bank must have a president.
The same can’t be said for a CEO.