Ark. Code Ann. § 23-47-701

The Bank Commissioner shall be authorized and empowered to grant to state banks applying therefor the right to operate a trust department to act as trustee, executor, administrator, custodian, registrar, paying agent or transfer agent of stocks and bonds, guardian of estates, assignee, or receiver or to act in any other fiduciary capacity in which national banks, subsidiary trust companies, national trust companies, or other corporations which come into competition with state banks are permitted to act.