Bank Taps Wood Company for $1.3 Million Judgment

by Arkansas Business Staff  on Monday, Apr. 16, 2018 12:00 am   1 min read

A Logan County wood company is being sued for allegedly defaulting on a $1.4 million loan dating to October 2015.

Entegra Bank of Franklin, North Carolina, is seeking a $1.3 million judgment against Wald Wood Products Inc. of Paris and its officers: Thomas C. Wald, the company’s president, and Karen R. Wald, its secretary, who personally guaranteed the loan.

And if the judgment isn’t paid within two weeks of the entry of the judgment, the bank wants to foreclose on the property used as security for the loan.

The loan document shows the money was going to be used for working capital and to refinance business debt and commercial real estate debt.

The loan required Wald Wood, which sells lumber and other wood products to customers in Arkansas and the surrounding states, to pay $9,800 a month, according to the bank’s lawsuit, filed by attorney Charles Coleman of Wright Lindsey & Jennings.

The bank notified the Walds in December that they were in default of the loan.

A message left on the phone answering machine of Wald Wood wasn’t immediately returned Thursday afternoon.

 

 

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