Federal Probe Includes 5 Former One Bank Executives

by George Waldon  on Monday, Feb. 18, 2013 12:00 am  

IRS and FBI agents executed a search warrant at the Little Rock home of Layton “Scooter” Stuart on Feb. 6.  (Photo by Mark Friedman)

A year later, Mike Heald was fired as executive vice president, chief operating officer and director. Tom Whitehead, CFO, executive vice president and director, was placed on paid administrative leave in October before he was fired in December.

The fifth, Gary Rickenbach, executive vice president, chief loan officer and director, was placed on paid administrative leave late last month.

One Bank has operated under a supervisory agreement with the OCC since January 2011. The bank reported a $4.2 million loss during 2012.

Although Stuart is no longer involved in operations and has no voting say at the $439.7 million-asset bank, he remains in control of 99.9 percent of One Bank through its holding company, OneFinancial Corp.

“My intention and goal is to restabilize and recapitalize the bank,” Stuart said. “I have not had any discussions with anyone about selling the bank.”

Pavlas said the bank is already stabilized. He added that it’s improbable that any efforts to raise capital will involve Stuart.

“It’s just talk,” Pavlas said of Stuart’s future involvement in the financial affairs of the bank. “It’s craziness.”



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