First National Banking Company converts to State Bank Charter
ASH FLAT, AR (January 16, 2014) – Martin Carpenter, Chairman and CEO of the First National Banking Company (“Bank”), headquartered in Ash Flat, Arkansas has confirmed that the Bank received approval by the Arkansas State Banking Department to convert from a national charter regulated by the Office of Comptroller of the Currency (“OCC”) to a state charter regulated by the State of Arkansas and the Federal Reserve of St. Louis. The Bank complied with all OCC regulatory requirements to make this change. With the charter conversion the Bank will change its legal name to FNBC Bank and will continue to market under the trademarked name of FNBC. The charter conversion is effective immediately.
According to Bank President Marty Sellars this charter conversion will have no impact on customers or the services the Bank provides. “This is simply a change in regulatory authorities from a national charter regulated by the Office of Comptroller of the Currency to a state charter that is regulated by the State and Federal Reserve, stated Sellars. “This is not uncommon in community banking—it occurs quite frequently. Arkansas banks have a good relationship with the Arkansas State Banking Department and we feel our interests are better aligned with that of the State Bank Department.”
“Customers of FNBC can expect business as usual,” stated Sellars. “The ownership stays the same. The management stays the same, and customers will continue to bank as they always have, with the people they know. They may see some changes in our branding because we will no longer use the word ‘national’ in our name, but we’re still the same bank. We trademarked the name FNBC several years ago and we refer to ourselves as FNBC.”
FNBC Bank, headquartered in Ash Flat, Arkansas is a locally owned community bank established in 1912 with $375 million in assets. The Bank has 10 locations serving Sharp, Izard, Fulton, Baxter and Independence counties.