Real Estate Bank of the State of Arkansas

The Real Estate Bank of the State of Arkansas was one of the first two banks established by act of the State of Arkansas in its Constitution of 1836, the other being the Bank of the State of Arkansas. The Real Estate Bank was established to help planters and farmers by providing them with a pool of state-secured credit.

The Real Estate Bank was founded with $2 million in subscribed capital. The main branch of the bank was located in Little Rock, and opened on December 12, 1838. Other branches were originally located at Helena, Washington, and Columbia. The Governor appointed Elliott H. Fletcher the first commissioner of the bank. William W. Stevenson became president pro tempore, and William Cummins the bank's attorney.

The Real Estate Bank was liquidated for abuses of its charter on July 29, 1844, and the running of the bank assumed by trustees selected by members of the Arkansas General Assembly. Control of the bank passed into the hands of Colonel Gordon N. Peay on April 25, 1955. After Peay died in 1876 receivership passed to William Booker Worthen. All business of the Real Estate Bank was transferred to the Commissioner of State Lands in January 1881.

References

• Tom Dillard, "Banking the Wild Old Way," Arkansas Democrat-Gazette, August 23, 2009.
• William Booker Worthen, Early Banking in Arkansas (Arkansas Bankers' Association, April 1906), 1-41.