LITTLE ROCK — Ex-exec ordered out of banking
The Federal Deposit Insurance Corp. has ordered that Mark Turner, former chief lending officer at Timberland Bank in El Dorado, no longer work at any financial institution because of violations of law or unsafe banking practices.
The order was signed Jan. 7 but was not released by the FDIC until Friday.
Turner did not admit or deny any violations, the order said.
The FDIC said Turner’s violations involved “personal dishonesty,” a “disregard for the safety or soundness of the bank” and that the bank “suffered loss or other damage.”
In 2008, the FDIC issued a cease-and-desist order against Timberland Bank for, among other things, having an excessive level of bad loans.
Timberland, which had about $140 million in assets, lost $3 million in 2008 before being sold in 2009 to Southern Bancorp of Arkadelphia.
Two services raise
Tyson debt ratings
Two major rating services have upgraded the debt ratings for Tyson Foods Inc. to investment grade, according to a company news release.
Standard & Poor’s Ratings Services said it believed the company’s improved credit measures would support the higher ratings even during possible declines in operating performances because of higher commodity costs in the coming quarters.
Its previous rating by Standard and Poor’s was BB+, one level below investment grade.
Standard & Poor’s raised its corporate credit rating and issue-level ratings on senior unsecured notes due in 2014 and 2016.
Fitch Ratings upgraded Tyson’s issuer default rating and other debt ratings, stating that the upgrades were the result of the company’s “commitment toward a more conservative capital structure and financial strategy,” the company release said.
Arkansas Index gains 2.75 as 13 stocks rise
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 2.75 to 212.99 Friday.
All but three stocks advanced.
Simmons First National gained 5.2 percent in above-average trading while Dillard’s lost 1 percent in heavy trading.
For the week, nine stocks declined and seven advanced.
First Federal Bancshares fell 17.7 percent for the week. Home Banc-Shares was up 3.2 percent for the week.
Volume for the index Friday was 36.6 million shares, compared with average volume of 33.1 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 28 on 02/26/2011