Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-48-304. Investigation of new charter applications by Bank Commissioner

(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.

(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.