One Smiley Case Settled

Dennis Smiley Jr. is liable for $118,275 on loans from Community First Bank, Circuit Judge John Scott ruled last week. He must also pay the bank $2,500 in attorney fees.

The Harrison bank filed suit Sept. 18 in Benton County Circuit Court, claiming Smiley, his wife, Cynthia Smiley, and her business, Design for the Home, defaulted on three loans totalling $287,905 they took out in the past decade. The amount owed was as of Aug. 8 and is accruing at a rate of $22.39 daily until paid.

Cynthia Smiley was dismissed as a defendant Wednesday, the same day Scott made his judgment.

Community First Bank's lawsuit was the 11th against Smiley Jr., former president and chief executive officer of Arvest Bank of Benton County. He suddenly resigned March 13.

All but one of the lawsuits is in Benton County Circuit Court; one was filed in Washington County Circuit Court.

First State BancShares asked Scott in a filing Monday to dismiss a claim by Arvest to 682 shares of First State BancShares stock Smiley used to secure a $40,000 loan. The bank claims the stock can not be transferred and the claim is void.

First State also claims signatures of the related documents were forged and asks the court to have Arvest or Smiley Jr. pay its attorney fees.

Arvest Bank last week asked the Benton County court to deposit $10,095 of paid time off and vacation money owed to Smiley Jr. into an account already set up to hold $551,755 in Arvest stock proceeds.

Arvest in an earlier lawsuit named 21 banks that could make claims to the stock proceeds and settled with all but two: First State Bank of De Queen and Signature Bank. The new filing listed First State Bank and Signature Bank as defendants.

NW News on 09/30/2014

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