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  • Corporate Transparency Act

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    Five Things Every Business Owner Should Know

    January 10, 2024
    The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions. As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.
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  • COMMISSIONER'S RECEPTION

    Firm Host Reception Honoring State Bank Commissioner Susannah Marshall

    September 20, 2023
    A highlight of the evening was remarks from the guest of honor, State Bank Commissioner Susannah Marshall. Marshall expressed her gratitude and reflected on her tenure since 1994. "I am deeply honored by this gathering and the opportunity to serve the people of Arkansas in my role as State Bank Commissioner. It is through collaboration with dedicated professionals, like those gathered here today, that we continue to strengthen the foundation of our state's financial institutions. I am grateful for the trust and support of the banking community."
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  • COMMUNITY BANK MINUTE

    Second Circuit Issues Decision in Kirschner V. JPMorgan: Loans Are Not Securities

    September 12, 2023

    The facts of Kirschner are as follows: In 2014, investors purchased $1.775 billion in syndicated term loan debt obligations of Millennium Laboratories LLC from defendant lenders. The next year, Millennium filed for bankruptcy and as part of the bankruptcy plan, the investors’ claims were assigned to a trust. In 2017, the bankruptcy trustee, Marc Kirschner, alleged that the debt obligations constituted securities, and thus were subject to the more stringent disclosure rules under securities laws. The defendants moved to dismiss the securities law claims on the grounds that a syndicated bank loan is not a security, and a loan syndication is not a securities distribution.

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  • Community Bank Minute

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    Arkansas Banks Face Increased Regulation Based on Asset Growth

    February 13, 2023

    Banks in Arkansas and throughout the country have experienced substantial asset growth in recent years.  The Annual Report of the Commissioner of the State Bank Department in 2017 listed 80 state-chartered banks with combined total assets of approximately $85.2 billion (average of $1.065 billion per bank).  In June of last year, the annual report listed 74 state-chartered banks with total assets of $147 billion (average of $1.986 billion).  With increased size comes additional oversight. 

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  • 2023 Partner Election

    2023 Partner Election

    Firm Welcomes New Partners

    January 6, 2023
    Friday, Eldredge & Clark, LLP is proud to announce Taylor A. Stockemer and Kael K. Bowling as the firm’s newest partners. Taylor, a highly accomplished professional with a diverse background in Mergers & Acquisitions, securities and investment banking, and regulatory law and Kael, who serves as litigation counsel to financial institutions, creditors, real estate and construction firms, and other business entities.
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  • 2023 U.S. News - Best Lawyers® "Best Law Firms"

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    Friday Firm ranked in the 2023 U.S. News - Best Lawyers® "Best Law Firms"

    November 10, 2022
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  • Robert Smith

    Robert T. Smith

    Bankers Looking to Make a Move Should be on Alert Following Recent Federal Reserve Ban

    July 20, 2021
    Bankers changing positions from one bank to another is nothing new in the industry. The volume of moves may ebb and flow over time, but we have witnessed this play out in the Arkansas market for years. While there is risk inherent in any move, bankers and their new employers are well advised to consider a few steps to mitigate legal risks accompanying the change. A recent Federal Reserve action imposing a lifetime ban on two Wyoming bankers is an alarming reminder of the severity of these risks.
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