Conversion History Reveals Rarities

We wondered how common it is for a bank to just up and change charters, so we took a look at the ASBD’s history.

Including The Bank of Fayetteville’s, there have been 13 charter conversion apps with the ASBD since 1989. Ten of those were involved in a buyout, acquisition or merger of some sort; one was a conversion from a savings and loan; and one was similar to BOF’s request.

No bank has requested a conversion since 2000, when there were three conversions, each of which was involved in a buyout (two of those were Arvest Bank deals).

In 1999 First Community Bank N.A. requested a state conversion, much like BOF’s, but First Community changed title to First Security Bank of Conway, owned by First Security Bancorp of Searcy, in May 2003.