Timeline: From First American to One Bank

by George Waldon  on Monday, Sep. 30, 2013 12:00 am  

At top, northwest Arkansas businessmen M. David Howell Jr. and J.B. Hunt. At bottom, former One Bank CEO and president Layton "Scooter" Stuart with former EVP and COO Mike Heald. The company's mascot, a "first Amercian" Indian, was created by editorial cartoonist George Fisher.

Dec. 18, 1998: The name is changed to One Bank & Trust, and the lender is rechartered as a state bank. The bank has total assets of $157.9 million.

May 1, 2001: One Bank is rechartered back to a federal bank, which places it under the regulatory purview of the Office of the Comptroller of the Currency. The bank has total assets of $185.5 million at year’s end.

Jan. 20, 2011: One Bank enters a formal agreement with the OCC because its classified loan levels are too high. The bank’s asset total has grown to $442 million.

August 2011: Stuart fires Heald as One Bank’s EVP and chief operating officer.

May 21, 2012: The OCC renews its supervisory agreement and directs the bank to revise its strategic plan, improve capital levels, fix management deficiencies and achieve certain capital ratios.

Sept. 28, 2012: The bank board fires Stuart as chairman, president and CEO under the orders of the OCC. Federal regulators deem One Bank “to be engaging in unsafe or unsound practices” and reclassify it as “undercapitalized.”

Stuart’s forced exodus is followed by others: Thomas Whitehead, who worked at One Bank for more than a decade and held the CFO post for about five years; and Rickenbach, EVP and chief loan officer.

Today: Federal agencies and One Bank officials battle Stuart’s estate over assets, including the proceeds of a $20 million life insurance policy after his death on March 26. The Hunt family, which holds a secured claim on One Bank’s stock, is positioned to possibly re-enter the ownership picture.

 

 

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