First Federal Bank of Harrison has settled its legal dispute with northwest Arkansas developer Gary Combs, who agreed to a similar settlement with Bank of the Ozarks last summer.
Under the settlement with First Federal, Combs loses ownership of land and a partially constructed building in Springdale. One of Combs' companies, Landside Acquisitions LLC, owned the property and building, but owed more than $2.8 million dollars in loan costs, interest and other expenses. Combs also agreed to drop a lawsuit filed in Benton County that claimed First Federal stopped funding a project even though the debt was not in default.
A foreclosure sale will be held Nov. 5, at 10:30 a.m.
On June 30, Combs and Bank of the Ozarks reached a similar settlement in which the bank took back about 720 lots at Waterford Estates near Goshen and at the Sundowner subdivision in Prairie Grove. He is also in disputes with The Bank of Fayetteville and Metropolitan National Bank of Little Rock.
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