Bank of the Ozarks
loans No. 9 in U.S.
More than 26 percent of Bank of the Ozarks’ loans in the first quarter this year were for construction and land development, the ninth-highest percentage of all banks in the country, SNL Financial of Charlottesville, Va., said Monday.
Nationally, commercial and land development loans have continued to fall from a peak in 2007, said SNL, which provides analysis on banking and other financial sectors.
Bank of the Ozarks had nearly $720 million in construction and land development loans in the first quarter, up from $626 million in the first quarter of 2012, SNL said. Only 6.58 percent of Bank of the Ozarks’ construction and land development loans were delinquent, down from 9.26 percent in the first quarter of 2012.
Builders Financial Corp.
of Chicago had the highest percentage of construction and land development loans in the country at almost 43 percent, SNL reported.
- David Smith
Welspun Pipes sues
Liberty over ’12 fire
A fire that broke out at Welspun Pipes Inc.’s Little Rock facility last year could cost the plant $14.5 million.
That’s according to a lawsuit filed by Welspun and Welspun Tubular LLC against its insurance company, Liberty Mutual Fire Insurance Co.
The fire on July 14, 2012, in a control panel room closed the plant. It didn’t reopen until Sept. 25.
The lawsuit says Welspun submitted a claim of $15.5 million to Liberty Mutual, but the insurance company only paid $1 million. Welspun is suing for the rest and claiming breach of contract and failure to honor the policy.
A spokesman for Liberty did not return a call seeking comment.
- The Associated Press
P.A.M jumps 6.8%, but state index slips
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 2.21 to 288.08 Monday.
“With more than 130 companies in the S&P 500 due to publish second quarter results this week, the major averages moved into negative territory as investors await earnings releases, the Federal Reserve’s two-day policy meeting and Friday’s employment report,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.
P.A.M. Transportation Services lurched 6.8 percent higher and established a 52-week high on a volume spike, Williams said. Deltic Timber fell by 4 percent in light trading, Williams said.
Volume for the index was 17.6 million shares, compared with average daily volume of 18.2 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 21 on 07/30/2013