One Bank Makes Claim on Branch Property Titled to Scooter Stuart Partnership

by Arkansas Business Staff  on Monday, Sep. 1, 2014 12:00 am  

Phelan Orthodontics paid $1.1 million for the parcel (shaded in red) at the southeast corner of Rahling and Kirk roads in west Little Rock. The land, owned by Scooter Stuart’s Rivercity Energy Co., was sold by the executor of his estate, Richard Torti. (Photo by PAGIS)

This story here isn’t all we have to say about Scooter Stuart this week. There’s also a question over who owns the bank branch at 14711 Cantrell Road in west Little Rock.

Real estate records indicate a general partnership called Bank Partners.

A lawsuit by Little Rock’s One Bank & Trust claims it is the rightful owner.

Bank Partners purchased the property for $713,000 in September 1993 from Little Rock’s Worthen National Bank of Arkansas.

Bank Partners was led by Layton “Scooter” Stuart, chairman, president and CEO of One Bank (known as One National Bank at the time).

The complaint includes copies of paperwork that indicate Stuart received a $750,000 check from One National Bank in October 1994.

The request for an expense check bearing his name notes “Purchase Highway 10 property” as the reason for the expense.

The bank also claimed it had paid property taxes on the property for the past 20 years and submitted paperwork showing payments for 2005-12.

You might recall that Stuart was removed from the bank by regulators nearly two years ago and died in March 2013.

In other Stuart-One Bank real estate developments, an undeveloped commercial site in west Little Rock recently sold for $1.1 million.

The 2.07-acre property was purchased by Phelan Orthodontics. The land, owned by Stuart’s Rivercity Energy Co., was sold by the executor of his estate, Richard Torti.

Proceeds from the sale repaid a One Bank mortgage that secured credit card debt of up to $750,000 for the Stuart family.

The outstanding total was about $500,000.

A big chunk of the remaining balance went to BHL Financing LLC, led by Johnelle Hunt. The property helped secure a $3.5 million debt with BHL dating back to 2001.

 

 

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