IMPORTANT DATES

1994

n Arkansas National Bank opens June 1 and customers open 60 accounts at locations in Bentonville and Bella Vista. “It really exceeded my expectations - I had hoped that we would open 30 accounts,” Dykema told the Benton County Daily Record.

n ANB reports a secondquarter loss of $247,000, but Dykema predicts the bank, with $16 million in assets, would be profitable.

1995

n ANB becomes nationally chartered with $5 million in assets.

n ANB Bancshares Inc. is incorporated. It posts $23 million in assets, and 80 percent of the bank’s loans are residential mortgages.

1996

n The bank opens its first Rogers location.

n ANB moves into online banking at a time when few banks allowed individuals to make transactions via personal computers.

n Arkansas Business names the 36-year-old Dykema as one of its “40 Under 40,” the publication’s recognition of top business and political leaders. ANB’s assets are $115 million. “I’ve got to start some new [goals] because we went through the last ones so fast,” Dykema said.

1997

n ANB opens a branch in Springdale, the company’s first Washington County location.

n About 30 employees move into ANB’s new 10,000-square-foot triangular building on South Walton Boulevard in Bentonville.

The bank’s employee total is near 90.

n The Springdale Planning Commission approves Central Plaza, a strip mall near Central Junior High School. Dykema is president of Central Village, Inc., the strip mall’s owner.

1998 n ANB opens two Fayetteville branches.

1999 n The bank adds locations in Rogers, Bentonville and Fayetteville. It now has nine locations in the two-county area.

2000

n ANB opens another Springdale location.

2003

n The Rogers Planning Commission approves final plans for Southern Hills Business Park, the 45-acre area west of Interstate 540 where ANB will build a new headquarters.

2004

n ANB’s new 67,000-square-foot headquarters opens.

2005

n The federal Office of the Comptroller of the Currency issues a Report of Examination and ANB receives a stellar rating.

n ANB opens loan-production offices in St. George, Utah, and Jackson, Wyo.

n ANB makes OCC’s Western District “watch list.” 2007 n ANB opens an office in Idaho Falls, Idaho.

n OCC says ANB is in “troubled condition.” n Federal Reserve Bank performs inspection that concludes ANB is highly leveraged, that its cash flow and liquidity are strained.

n ANB is under scrutiny of OCC’s Special Supervision Division and remains so until closure.

n ANB makes the biggest loan inits history, $24.75 million in December 2007 for Elim Valley, a planned 2,400-acre residential and commercial development in Hurricane, Utah.

n ANB reports losses of $120 million for the year.

2008

n Records show 77 percent of ANB’s portfolio is in contruction and development loans.

The national average for banks the size of ANB is near 18 percent.

n ANB Financial is closed by the OCC and the Federal Deposit Insurance Corp. is appointed as receiver. The estimated loss to the FDIC was $214 million. ANB, which had 235 employees, had $2.1 billion in assets and $1.8 billion in total deposits.

n Three former employees sue ANB and its trustees in federal court, claiming the bank’s top brass made ANB stock “an imprudent investment” for the employee stock ownership plan. The plaintiffs seek class-action status for their lawsuit.

2010 n The financial regulatory overhaul act extends the FDIC's $250,000 insurance limit retroactively, affecting 650 accounts once held by ANB customers.

SOURCES: Department of Treasury, Office of Inspector General audit report, Nov. 25, 2008; The Benton County Daily RecordPHOTO: Gruber Photographers/special to the Arkansas Democrat-Gazette

Front Section, Pages 7 on 07/25/2010

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