Charter Conversion Prodecure
Arkansas state law provides a simplified procedure for conversion of a national bank charter or savings and loan association to a state bank charter. The Arkansas State Bank Department has a charter conversion application packet that describes the process. The Department requires an application with supporting documentation be filed. Supporting documents must include proposed Articles of Agreement and Incorporation, the proposed bank name, location, amount of capital stock, and a certificate of compliance with federal requirements for conversion. Proof of legal publication must also be submitted. The filing fee for an application is $8,000.
Once an application is filed, an examination will be performed on the applicant. Once the examination has been completed, the application will be referred to the Arkansas State Banking Board for a hearing. If the Board determines the applicant has met all standards and requirements of law for a state bank, the application for conversion will be approved.