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STATE BANKING DEPT. v. LEAGUE OF SAV. INST., INC.

No. 91-227.

821 S.W.2d 472 (1991)

307 Ark. 474

ARKANSAS STATE BANKING DEPARTMENT; BobWillett; Robert Hill; Gary D. Reinboth; Douglas Simmons; Larry G. Nelson and T.E. Patterson, as Members of the Arkansas State Banking Board; and Bill J. Ford as Commissioner of the Arkansas State Bank Department, Appellants, v. ARKANSAS LEAGUE OF SAVINGS ISTITUTIONS, INC.; Paul Johnson, Individually as an Arkansas Taxpayer; and Pocohontas Federal Savings & Loan Association, Appellees.

Supreme Court of Arkansas.

December 23, 1991.

Attorney(s) appearing for the Case

Thomas S. Gay, Asst. Atty. Gen., Little Rock, for appellants.

David S. Mitchell, Little Rock, for appellees.

GLAZE, Justice.

This appeal involves the question of whether Arkansas savings and loans should now be eligible as depositories for public funds under Act 21 of 1935. Act 21 requires the State Bank Commissioner to furnish a list of "banks or banking institutions" insured by the Federal Deposit Insurance Corporation (FDIC). The Act further provides that public funds can only be deposited in the banks appearing on this list. The Bank Department promulgated Regulation...

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