Generations Bank Files Foreclosure on Reams

by Arkansas Business Staff  on Monday, Oct. 9, 2017 12:00 am   1 min read

Generations Bank filed a foreclosure suit in Benton County Circuit Court in an attempt to recoup more than $800,000 in loans provided to a Siloam Springs company.

The bank foreclosed against The Reams Group, led by Williams and Brenda Reams, who were also named in the suit, which was filed last month. The Reams Group originally obtained a $680,000 loan in September 2013 from First Bank, which was renamed Generations Bank in 2015.

The loan was for 6 acres on Airport Road in Siloam Springs on which a 30,000-SF warehouse sits. The bank claimed the company and the Reamses owe almost $625,000 on that loan.

A second loan was taken on the property in August 2015 for $175,291, and the bank claims that slightly more than $172,000 is owed on that.

A third loan, originally for just shy of $30,000, was taken in February 2017, and the Reamses put up industrial equipment, including a forklift, as collateral.

 

 

Please read our comments policy before commenting.
Search