REPORT OF THE BANK COMMISSIONER OF ARKANSAS 1970 WINTHROP ROCKEFELLER G overnor H. C. ADAMS State Bank Commissioner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FIFTY-SIXTH REPORT O F T H E BANK COMMISSIONER O F TH E STATE OF ARKANSAS FOR TOE YEAR ENDING JUNE 3®, 1370 HARVEL C. ADAMS State Bank Commissioner BPC700>t0'70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis STATE OF ARKANSAS OFFICE OF STATE BANK DEPARTMENT J U L Y 1, 1970 To His Excellency Winthrop Rockefeller Governor of Arkansas Dear Governor: It is again my pleasure to submit to you the Fifty-Sixth Annual Report of the State Bank Department for the fiscal year ending June 30, 1970. This is in compliance with the provisions of Act 113 of 1913 (now found in Section 67-111, Arkansas Statutes of 1947). A ll state chartered banks were again examined in the calendar year 1969. There are now 186 state chartered banks and other financial institutions in Arkansas as compared to 184 at June 30, 1969. At the close of business June 30, 1970, total assets of the 186 institu­ tions amounted to $1,537,588,150 reflecting an increase over the previous year of $141,467,769 or 10.13% as compared to the 10.5% increase reported for the last fiscal year. Deposits, rose to an all time record high of $1,359,632,701, an increase over the previous year of $117,835,732 or 9.48% as com­ pared to 10.5% increase reported for June 30, 1969 over June 30, 1968. Of the 184 institutions reported at June 30, 1969, as compared to the same 184 institutions at June 30, 1970, 19 suffered from small to moderate decreases in total resources while the remaining 165 enjoyed substantial gains in total resources. In addition to the above information this report reflects the condition of each of the 186 institutions together with other factual data pertaining to the operation of the Department. I commend it to your careful consideration. -Respectfully, H, C, ADAMS State Bank Commissioner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fifty-Sixth Report LEGAL HOLIDAYS New Year’s Day ........................................... January 1. Robert E. Lee’s Birthday ......................... January 19. George Washington’s Birthday .............. February 22. Memorial Day ................................................May 30. Independence Day ....................................... July 4. Commemorating the end of World War II ....................................... A u gu st 14. Labor Day ......................................................First Monday in Sept. Veteran’s Day ................................................November 11. Thanksgiving Day ....................................... Any day made or desig­ nated by Act of Congress. Christmas Day ..............................................December 25. All Biennial Statewide Primary and General Election Days All Bills of Exchange, drafts, or Promissory Notes, which shall become payable on a legal holiday shall be payable on the day next succeeding such holiday. In case any legal holiday falls on Sunday, the next succeeding Monday shall be a legal holiday in its stead. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4 State of Arkansas: Bank Department ni?P A 1* T'lMlTMTP A f pneTTO JLrJuirx^m JLlYAIZti^ Xr&JU II p v r 3 A. j E * * » Harvel C. Adam s ............................................. State Bank Commissioner Joseph A. Terry ...................................... Assistant Bank Commissioner SENIOR BANK EXAMINERS F. C. “Sam” Rayburn Olan B. Wages Robert C. Willcox Jim S. Gowen H. Wm. Oldham Thomas L. Black FINANCIAL ANALYST Louis W. Elkins JUNIOR BANK EXAMINERS Dan A. McNeill Joseph B. Ford Don R. Clark David R, Shewmaker Michael D. Taylor ASSISTANT BANK EXAMINERS Stephen M. Tullgren Gary L. DeVun Charles E. Ford Charles W. Gillespie BOOKKEEPER AND STENOGRAPHERS Betty P. Morton Marilyn Crossland Jacqulin A. Jackson G’PATl H DAA pn X£%XHi1 DAIlJVJliilvJtA o U iilll/ Jerry E. Hinshaw, Chairman .................................................... Springdale Digby C. W e s t....................................................................................BerryviEe Jack W . Rich ........................................................................... W est Memphis Charles T. Bernard ....................................................................................Earle Max A. Mitcham ........................................................................... Sm ackover Joseph A. Terry, Secretary ...................................................... Little Rock OFFICE Suite 200, University Tower Budding Telephone: 371-1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fifty-Sixth Report 5 COMMISSIONERS OF THE STATE BANK DEPARTMENT STATE OF ARKANSAS N o. Name Date of Appointment Date Service Ended 1. John M. Davis ....... ..October 6 , 1913 ...... ..October 3, 1918 2. A. J. Reap ................ ..October 3, 1918 ...... ..March 22, 1919 3. W. T. Maxwell ....... ..March 22, 1919 ...... ..September 1, 1921 4. Charles McKee ..... ..September 1, 1921 . July 28, 1925 5. Loid Rainwater ..... ..July 28, 1925 ........... ..February 8, 1927 6. Walter E. Taylor ......February 8, 1927 .....January 10, 1933 7. Marion Wasson ..... ..January 10, 1933 ... ..January 12, 1937 8. Grover S. Jernigan ..January 12, 1937 ... ..January 14, 1941 9. Thomas W. Leggett. January 14, 1941 .... February 1, 1949 10. S. J. Dean ...................February 1, 1949 .... December 31, 1949 11. Ed I. McKinley, Jr. December 31, 1949 .March 14, 1953 12. A. R. Merritt ........... March 14, 1953 ....... February 8, 1955 13. Dick Simpson .......... February 8, 1955 .... March 2, 1967 14. H . C . Adams ............. March 3, 1967 ......... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6 State of Arkansas: Bank Department The following is a statement showing the receipts and disbursements of the State Bank Department from July 1, 1969 through June 30, 1970. RECEIPTS Cash balance with State Treasurer, June 30, 1969 ....................... $ 33,571.25 Examination and Assessment Fees ................................ $278,419.00 Charter and Amendment Fees ........................................ 6,130.00 Investigation Fees—Proposed New Banks ................... 3,000.00 Miscellaneous Fees .............................................................. 149.50 Reimbursement from State Marketing and Redistribution Department .............................. 7,050.67 294,749.17 $328,320.42 DISBURSEMENTS S a la ries: Administrative .............................................................. $ 29,032.35 Exam ining Staff .......................................................... 119,247.05 Office Staff .................................................................... 22,237.70 E xtra H e l p ...................................................................... 600.00 Maintenance .......................................................................... 28,934.82 Travel Expenses .................................................................. 26,706.71 Insurance and Bonds .......................................................... 847.00 E qu ip m en t .............................................................................. 12,763.02 Matching Funds: Social Security ............................................................ 6,991.35 State Retirement System .......................................... 9,882.63 Proportionate cost of operation of Social Security and State Retirement System .... 125.00 Service Charge by State Treasurer................................ 4,314.20 Act 402 of 1969—Funding Constitutional Convention 544.58 262,226.41 Cash Balance with State Treasurer June 30, 1970 ....................... 66,094.01 $328,320.42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Fifty-Sixth Report 7 ARKANSAS BANKERS ASSOCIATION 1970-1371 P r e s id e n t................................. Means Wilkinson, President, Farmers Bank, G reen w ood First Vice President........... Donald W. Stone, Vice President, Simmons First National Bank, Pine Bluff; President First State Bank, Crossett Second Vice President........ B. Finley Vinson, Chairman of the Board, First National Bank, Little Rock T r e a s u r e r ................................. James C. Hobgood, President, Merchants and Planters Bank & Trust Co., Arkadelphia Executive Manager and S e c r e ta r y .............................. H. C. Carvill, 1027 Pyramid Bldg., Little Rock EXECUTIVE COUNCIL Edward H. Smoot ............................................................ ...... Fort Smith R. E. Buck ....................................................................... ...... Bentonville Howard B easley................................................................ Cherry Valley M. S. Woodruff .............................................................. ............. C a rlisle W. B. Denton ..................................................................... ..... Hot Springs A. C. Stone ...................................................................... .... Arkadelphia Claud T. Frank ................................................................ Dunaas Elmer Ferguson ................................................................ .............. D eW itt George W. P e c k ................................................................ ........ T ex a rk a