CLONINGER, Judge.
The question at issue on this appeal is whether the execution of a "Depositor's Notice of Penalty for Payment of Time Deposit Before Maturity" constitutes substantial compliance with the "designate in writing" requirement of Ark.Stat.Ann. § 67-552 (Supp.1981). We hold that there was no substantial compliance with the statute, and we reverse the finding of the trial court.
Ark.Stat.Ann. § 67-552 provides as follows:
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