One Bank files claim on late CEO’s estate
One Bank & Trust Co. of Little Rock has filed a claim seeking $14.2 million from the estate of Layton Stuart, the late chairman and chief executive officer of the bank.
The motion was filed in the federal government’s lawsuit against various assets of Stuart’s, including about $17.7 million from a life insurance policy.
One Bank’s claim, filed Wednesday, includes $3.5 million for reimbursement of life insurance premiums for a policy on Stuart, $2.9 million for misappropriation of cash values of life insurance policies and $1.9 million for misappropriation of bank funds for chartered air service.
Stuart, who essentially owned all of the bank, was One Bank’s chairman and chief executive officer before he was ousted last year by federal government regulators. Stuart died in March.
One Bank said it is entitled to the money because it was “a victim of the numerous criminal activities” of Stuart. The federal government claims Stuart was involved in multiple financial schemes involving bank funds that he had been juggling for years.
- David Smith
Gander Mountain
finishes renovation
Gander Mountain has completed the remodeling of its store in Sherwood, which features a “firearms super center.”
The St. Paul, Minn.-based chain is revamping 29 of its stores to also include expanded footwear and outerwear selections, said spokesman Jess Myers.
The store will now offer the “largest selection of new and used firearms in Arkansas,” according to a news release.
The renovation of the 67,000-square-foot store at 5450 Landers Road is not connected to the 104,000-square-foot Bass Pro Shops Outdoor World scheduled to open in November in Little Rock, Myers said.
The Bass Pro Shops store will anchor the new Gateway Town Center just west of the junction of Interstates 30 and 430. It will be the first Bass Pro Shops in Arkansas.
- Jack Weatherly
Arkansas Index rises 1.87, ends at 300.93
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 1.87 to 300.93 Friday.
The index reached its all-time high of 301.54 during the day.
Nine stocks advanced and eight declined.
P.A.M. Transportation Services shares rose 4.3 percent on five times its average volume. Shares of Simmons First National rose 3.7 percent, Home BancShares rose 3.3 percent, and Bank of the Ozarks rose 2.3 percent.
For the week, 14 stocks rose and three declined.
P.A.M. Transportation Services jumped 12.7 percent for the week, and Arkansas Best shares fell 4.2 percent.
Volume for the index was 27.7 million shares. The average daily volume for the week was 20 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 31 on 09/21/2013