1. (a)

   1. (1) The acquisition of a state bank by a bank holding company, or the acquisition of twenty-five percent (25%) or more of the common stock of a state bank or a bank holding company controlling a state bank subsidiary, will be considered a change in control.
   2. (2) The ownership of more than five percent (5%) of the outstanding voting shares of a state bank is considered a controlling interest.
2. (b) Any person, persons, or entity desiring to obtain control of a state-chartered bank or bank holding company controlling a state bank subsidiary shall be required to file an application with the Bank Commissioner on a form prescribed by the commissioner containing the information set forth in Arkansas Code § 23-48-317(d) and such other information as the commissioner may require.
3. (c) An application for a change in control which will authorize the applicant’s ownership to initially exceed of twenty-five percent (25%) of the stock in a bank or bank holding company controlling a state bank subsidiary shall be accompanied by a filing fee of five thousand dollars ($5,000).

Codification Notes: This section was promulgated as Section 48-317.1 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-317)"