Judge To Rule On Rogers Bancshares Liquidation Plan in March

by Arkansas Business Staff  on Monday, Feb. 24, 2014 12:00 am  

The $53.6 million sale of Metropolitan National Bank generated money for creditors. (Photo by Mauren Kennedy)

As the Chapter 11 bankruptcy of Rogers Bancshares Inc. of Little Rock winds down, it looks like the secured creditors will be taken care of to the tune of nearly $45 million.

The three trust preferred creditors, though, will leave little if anything for remaining unsecured creditors.

Those trust preferreds are Rogers Capital Trust III, represented by The Bank of New York Mellon Trust Co., of Pittsburgh. It has a total claim of $28.1 million and was formed in 2005. Rogers Statutory Trust II, which is represented by U.S. Bank Corporate Trust Services of Chicago, has a secured claim of $13 million. It was formed in 2007.

Rogers Statutory Trust I, represented by U.S. Bank National Association of Boston, has a claim against Rogers Bancshares for $6.01 million. It was formed in 2006.

According to Rogers Bancshares’ operating report filed last week, it has $46.3 million in assets. Most of that came from the sale of its Metropolitan National Bank of Little Rock to Simmons First National Corp. of Pine Bluff for $53.6 million.

Some of the proceeds of the sale of the bank have been used to pay attorneys and other bills generated as a result of the bankruptcy.

Rogers filed for Chapter 11 protection in July and listed $64.15 million in assets and $47.1 million in debts.

A U.S. Bankruptcy Court judge is expected to approve Rogers’ plan for liquidation on March 14. The plan also is supported by Rogers’ creditors.

 

 

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