Simmons First National Bank has applied to the Arkansas State Bank Department to change from a national charter to a state charter.
Arkansas State Bank Department Commissioner Candace Franks said each bank in the United States is regulated. Commercial banks are regulated by either the state government or by the federal banking authority which is the Office of the Comptroller of the Currency.
Simmons filed this application on Jan. 15. The application fee is $8,000.
“We will investigate the application and will go before the Arkansas State Banking Board,” Franks said. “We will have a public hearing. We do not have a date yet. We will provide notice of the hearing. It may be later in March.”
Asked the significance of a bank being chartered in a state versus nationally, Franks said it is just a business choice of the institution.
Simmons First National Bank spokesman Rex Nelson declined to comment on the application or the reasons behind it. Nelson said Simmons is not answering questions about its application.
Simmons First National Corp. CEO and Chairman George Makris Jr. could not be reached by press time.