Arkansas Bank Commissioner Candace Franks has announced her intention to retire after 40 years with the state bank department.
Her decision is effective Oct. 1 this year, according to a Wednesday (Aug. 5) news release.
Franks was first appointed bank commissioner by Gov. Mike Beebe in 2007. She is the first female, the first professional bank regulator and the longest serving bank commissioner in the 107-year history of the state bank department. Gov. Asa Hutchinson re-appointed Franks to a fourth term as bank commissioner last year.
Franks began her career in 1980 as the state bank department’s general counsel. She was appointed deputy bank commissioner in 1995 prior to becoming bank commissioner in 2007.
Franks served as chairman of the Conference of State Bank Supervisors in 2014-2015 where she continues to serve as chairman emeritus. She is currently chairman of the board of the Arkansas Public Employees Retirement System.
Franks is also a board member of the Arkansas Teacher Retirement System and as a member of the state board of finance.
“It has been my pleasure to work with the citizens of Arkansas and their state banking institutions for more than forty years,” Franks said in a statement. “When I began working for the state bank department our institutions held approximately $7 billion in total assets. Now upon my retirement, our institutions hold more than $123 billion in total assets.
“We have built an outstanding banking industry in Arkansas which continues to serve our local communities and promote the economic well-being of all Arkansans as well as citizens across our country where Arkansas’ banks operate. It has been my pleasure to work in Gov. Hutchinson’s administration and I appreciate his support for our state bank department.”