Subsidiaries

ACB Foundation

A SUBSIDIARY OF ARKANSAS COMMUNITY BANKERS

In the Fall of 2001 we announced the formation of the Arkansas Community Bankers Foundation as a charitable subsidiary of Arkansas Community Bankers Association. The primary purpose of the Foundation is to create a reserve of funds and serve as a delivery channel for contributions that will provide needed relief and assistance when disasters occur in Arkansas such as the annual tornadoes, floods, fires, etc. Such contributions will be made from the Foundation through community banks in the affected areas.

The Foundation is managed by and its activities directed by a Board of Directors. The Executive Committee of the Arkansas Community Bankers Association makes up the Board of the Foundation and these individuals hold the same offices in the Foundation as they hold in the Association. All Foundation funds are deposited with the Association Treasurer. Because it is impossible to know when funds will be needed, they are invested in a money market account and other highly liquid short-term investments.

The Foundation articles of incorporation and by-laws restrict its activities to charitable and educational purposes only. Recipients of contributions from the Foundation will be determined by the Foundation Board of Directors. It is their intention and desire to make every effort to get contributions directly to those in need. If we simply contribute to another charity we expose Foundation funds to additional layers of bureaucracy before benefiting those whom we intend to benefit.

The Arkansas Community Bankers Foundation is a 501(c)(3) non-profit corporation. Donations are tax deductible. The Foundation has no staff, no leased space and the administrative expenses are so low that they are virtually non-existent. Funds raised by Arkansas Community Bankers Foundation will truly go for the benefit of those in need.

Fund raising events will be sponsored annually with all proceeds going to Arkansas Community Bankers Foundation. The first such event will be the Community Bank Directors Conference held in Hot Springs, Arkansas on October 14 - 15, 2002.

Community banks exemplify the "Spirit of Community". Arkansas Community Bankers Foundation will assist in fulfilling this "Spirit". The boards of directors of Arkansas Community Bankers Association and Arkansas Community Bankers Foundation thank you for your support.

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