Bennett v. Lonoke Bancshares, Inc.

Betty C. Dickey, Chief Justice.

This is a dispute between two families over controlling interest in Lonoke Bane-shares, Inc. (LBI), an Arkansas bank holding company. Appellants, the Wayne Bennett family, maintain that the Arkansas Banking Code of 1997, codified at Ark. Code Ann. § 23-48-101, et seq., controls whether LBI is required to use cumulative voting. Appellees, the Neil Bennett group, assert that the Arkansas Business Corporation Act of 1987, codified at Ark. Code Ann. § 4-27-101, et seq., controls whether LBI is required to use cumulative voting. Both parties filed summary judgment…