Arkansas Code
Subchapter 3 - Organization and Management Generally
§ 23-48-304. Investigation of new charter applications by Bank Commissioner

(a) As soon as practicable after acceptance of any application for a new state bank charter and receipt of the filing fee, the Bank Commissioner shall ascertain, from the best sources of information at his or her command, the character and general fitness of the persons named as stockholders of more than five percent (5%) of the issued stock and their standing in the community in which the proposed institution is to be located.
(b) The investigation shall seek to determine the probable support for the new state bank and the adequacy of existing facilities and services in the community.
(c) The investigation shall address:
(1) The proposed institution's earnings and deposits prospects;
(2) The ability and character of its proposed management;
(3) The adequacy of initial capital;
(4) The safety and soundness of intended operations;
(5) The economic conditions in the market to be served;
(6) The convenience and needs of the community to be served; and
(7) Whether or not its proposed corporate powers are consistent with applicable banking law.

(d) The commissioner shall also determine to his or her satisfaction that:
(1) The persons named as stockholders of more than five percent (5%) of the issued stock, incorporators, and directors have the confidence of the community and are able, financially and otherwise, to discharge the obligations resting upon them under any of the provisions of this chapter;
(2) The requisite capital has been fully subscribed and the purchase price therefor has been paid into an escrow account approved by the commissioner and that the requirements of § 23-48-310 have been met;
(3) A majority of the stockholders are residents of this state; and
(4) There exists an economic need for the business in the community.