Three More Banks Sue Dennis Smiley Over Loans

by George Waldon  on Monday, Apr. 14, 2014 12:29 pm  

Friday’s Lawsuits

On Friday, First National Bank of Fort Smith sued HDS Holdings LLC, Smiley, and his father, Henry Dennis Smiley of De Queen, to collect on two loans with a combined outstanding balance of $196,093.

Simmons First National Bank of Northwest Arkansas in Rogers sued HDS Holdings and Henry Dennis Smiley of De Queen to collect on two loans with combined outstanding balance of $85,974.

And First State Bank of Lonoke sued Smiley Jr., his wife Cynthia and their Design for the Home LLC to collect on three loans with a combined outstanding balance of totaling $159,085.

First State's lawsuit also claims the Smileys submitted false financial statements for the 2011, 2012 and 2103.

The 2011 financial statement indicated the couple had net worth of more than $1.6 million. According to the bank, the Smileys listed nearly $2.5 million in assets versus $805,046 in contingent liabilities.

The 2012 financial statement reflected a net worth of $728,326, with assets of nearly $2.5 million and liabilities of more than $1.7 million.

The 2103 financial statement listed a net worth of nearly $2.2 million, with assets of more than $3.2 million and liabilities of about $1.1 million.

The Bank of Fayetteville sued April 7 to recover $42,000 owed on a delinquent loan allegedly signed by the elder Smiley. In answer to the suit, he denied signing an individual loan guarantees or signing any loan documents on behalf of the Henry Dennis Smiley Revocable Trust or HDS Holdings LLC.

Bank of Fayetteville claims $479,177 is owed by Smiley Jr., the trust and HDS.

Delta Trust & Bank filed suit on March 25 against HDS, Smiley Jr. and his father for defaulting on a $245,126 loan.

The elder Smiley also denied signing any of the loan documents associated with the Delta Trust debt in response to that suit.

 

 

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