Financial Institution Update
Heartland Bank, Little Rock, Arkansas, was voluntary liquidated in accordance with A.C.A.§23-49-119 and Heartland Bank’s charter was cancelled at the close of business on March 9, 2018. All deposits of Heartland Bank were assumed by Relyance Bank, Pine Bluff, Arkansas. Heartland Bank was a subsidiary of Simmons Bank, Pine Bluff, Arkansas, and was acquired by Simmons Bank through an after the fact change in control for debts previously contracted on August 28, 2017.
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The Great Seal of Arkansas
The State Bank Department was created by Act 113 of 1913. The Department is charged with regulating commercial banks with main offices in Arkansas. These 78 banks hold assets of $94.8 billion as of March 31, 2018. The Department also is charged with supervising the bank holding companies of Arkansas state-chartered banks; state-chartered trust companies; regional and county industrial development corporations; industrial loan institutions; and capital development companies. The Department operates to ensure the safety and soundness of, and public confidence in, these institutions and organizations.