NEWS IN BRIEF

Saturday, February 23, 2013

— One Bank & Trust sues son of owner

One Bank & Trust of Little Rock on Friday sued Hunter Stuart, a former vice president and the son of its owner, claiming Stuart used more than $1 million in misappropriated funds from the bank on his Pleasant Valley home.

The misappropriations include $94,000 that was purportedly used as a down payment on the home, the lawsuit said.

The money was provided at the direction of Layton Stuart, Hunter Stuart’s father and the owner of the bank, and with the assistance of Tom Whitehead, the bank’s former chief financial officer, the suit said. Layton Stuart and Whitehead were not sued by the bank.

In addition, the lawsuit, filed in Pulaski County Circuit Court, claims Hunter Stuart used misappropriated funds totaling more than $1 million to renovate the home at 32 Valley Club Circle.

In the lawsuit, the bank also says a forensic audit of the bank’s books showed the bank was substantially damaged through fraudulent acts by Layton Stuart, former chairman and chief executive officer of the bank, who received “substantial property and other benefits.” In September, the federal government ordered Layton Stuart permanently removed from the bank.

Jerry Pavlas, chief executive officer of the bank, declined to comment about the case.

Efforts to contact Hunter Stuart were unsuccessful.

Nonprofits offered aid in 8 counties

The U.S. Small Business Administration is offering disaster assistance to nonprofit organizations in eight Arkansas counties.

Federal disaster loans are available for private nonprofits in Clark, Garland, Grant, Hot Spring, Lonoke, Perry, Pulaski and Saline counties, according to a news release.

The deadline for a property-damage loan is April 1 and for the economic-injury loan, Oct. 29.

Applicants may apply online at: disasterloan.sba.gov/ela/.

State index gains 2.15 as 14 advance

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, jumped 2.15 to 265.33 Friday.

Fourteen stocks advanced and two declined.

Arkansas Best was up 4.6 percent, Deltic Timber gained 2 percent, and J.B.

Hunt Transport Services improved 1.9 percent, all in light trading.

For the week, nine stocks fell and seven rose. America’s Car-Mart climbed 12.4 percent for the week. Windstream lost 6.7 percent for the week.

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 27 on 02/23/2013