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Arkansas State Bank Department

The mission of ASBD is to maintain a legal and regulatory structure for Arkansas's financial industry. This structure provides the public with convenient, safe and competitive banking, which fosters economic development within this State. Our mission is accomplished through efficient allocation of available human and other resources existing in our Examination, Information Technology and Administrative Services Divisions.

Coronavirus Contingency Plan - UPDATE 3/16/2020

Mar 16th, 2020

DATE: March 16, 2020
 
TO: Chief Executive Officer
 
FROM: Candace Franks, Bank Commissioner
 
SUBJECT: Coronavirus Contingency Plans – UPDATE – March 16, 2020
 
As a follow-up to my communication on March 11, 2020 regarding the Arkansas State Bank Department’s preparation and response to the Coronavirus-COVID-19, I would like to provide additional information regarding our efforts to address this volatile and impactful public health emergency.
 
Effective Monday, March 16, 2020, all on-site bank examination processes for our regulated entities will cease until further notice.  Our bank examinations, including Commercial, Trust and Information Systems examinations will all continue to be performed in conjunction with our regular, mandated schedule; however, examination work and meetings will take place through off-site channels such as electronic submission of data, electronic mail communication and telephonic communication.  This change in examination procedure will continue until further notice.  
 
If your institution is currently in process of a State Bank Department examination or if you are scheduled for an examination in the near future, you will be contacted by your State Bank Department Examiner-In-Charge, or a State Bank Department Examination Supervisor.  
 
We strongly encourage each institution to continue to activate and enhance your Continuity of Operations Plans and make adjustments as warranted.  We have already received communication from many of our institutions and we appreciate your responsiveness and your commitment to addressing this evolving health and public safety emergency.
The State Bank Department will remain operational and available to you by contacting our main office at 501-324-9019 or via email.
 
Please do not hesitate to contact us if you have any questions or if you need assistance.  We appreciate your service and commitment to the banking industry and your local economies and the State of Arkansas.
 
Sincerely,
 
Candace A. Franks
Bank Commissioner

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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 76 banks hold assets of over $112.6 billion as of March 31, 2020. 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.


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