As 2023 begins, I am pleased to report that the Arkansas banking industry is in excellent condition. Arkansas state chartered banks stand at 73 with approximately $153 billon in aggregate total assets. We have witnessed significant growth and high levels of performance during the past few years as we effectively managed the impact of the pandemic. Many challenges face both the banking industry and the financial services sector in the year ahead and we are certainly operating in a period of economic uncertainty. As in years past, our Arkansas banking industry is prepared to meet these challenges and continue to serve the needs of their customers and communities. The Arkansas State Bank Department remains committed to working with our regulated institutions to maintain a safe and sound banking system and encourage and support economic development in 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 73 banks hold assets of over $153 billion as of March 31, 2023. 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.