Franks has been with the department for 35 years and has been commissioner since 2007.
"From her start as chief counsel to the last eight years as commissioner, Candace's work and leadership has been exemplary," Hutchinson said in a statement. "Her knowledge of the department and her breadth of experience have made her the ideal choice to lead the ASBD, and I am pleased to announce she has agreed to continue serving in her current role as commissioner in my administration."
Franks, in a statement, said she looks forward to continue the work of the department, which includes fostering economic development by ensuring state-chartered banks are managed correctly.
"Being a member of (Hutchinson's) administration will give me the opportunity to continue to serve our citizens and to advocate for right-sized bank regulation and supervision, which will enable our community banks to provide the kind of relationship-banking services that have made them so successful."