§ 23-48-504 - Conversion of national bank or savings and loan association into state bank.
23-48-504. Conversion of national bank or savings and loan association into state bank.
(a) A national bank or savings and loan association having its main office in this state which follows the procedure prescribed by applicable federal or other law may convert into a state bank and may be granted a charter by the State Banking Board with the concurrence of the Bank Commissioner.
(b) The national bank or savings and loan association may apply for a state charter by filing with the commissioner an application containing the information that the commissioner may require along with a certificate signed by its president or a vice president setting forth the action taken in compliance with the provisions of the applicable laws, accompanied by the articles of incorporation approved by a majority vote of the stockholders for the governance of the applicant as a state bank.
(c) The public hearing at which the issuance of the state charter is authorized shall be called by the commissioner:
(1) On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and
(2) Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing.
(d) If, at the hearing, both the commissioner and the board find that the proposed state bank meets the standards as to location of offices, capital structure, and character of officers and directors required for the incorporation of a state bank, they shall grant the application for conversion.