An information handling system (IHS) includes a processor with a cache memory system. The processor includes a processor core with an L1 cache memory that couples to an L2 cache memory. The processor includes an arbitration mechanism that controls load and store requests to the L2 cache memory. The arbitration mechanism includes control logic that enables a load request to interrupt a store request that the L2 cache memory is currently servicing. The L2 cache memory includes dual data banks so that one bank may perform a load operation while the other bank performs a store operation. The cache system provides dual dispatch points into the data flow to the dual cache banks of the L2 cache memory.