Posted 8/5/2013 12:00 am
Updated 12 months ago
While we try to figure out exactly what happened under the old regime, it’s worth noting that balance sheet repair continues at Little Rock’s One Bank & Trust.
The $400 million-asset lender recorded a second-quarter loss of $707,000, which follows a loss of nearly $3 million during the first quarter.
What was the profit picture like a year ago?
The bank reported net income of $1 million through the first six months of 2012, split almost evenly between the two quarters.
A lot has transpired in the past 12 months at One Bank with the exodus of the lender’s top three executives. That changing of the guard was prompted by the Office of the Comptroller of the Currency.
The regulatory investigation led to a July 12 forfeiture complaint tied to the seizure of assets controlled by Layton “Scooter” Stuart, One Bank’s owner who was removed as chairman, president and CEO in September.
The complaint outlines more than a dozen instances of alleged financial misdealings that revolved around Stuart and former staffers.
“The bank continues to be fully cooperative with federal authorities and regulators, and we welcome their continued actions to bring a timely resolution to these issues that will benefit the bank, its employees and customers,” One Bank officials said in a prepared statement.
The bank expects to recover at least $3.5 million. The count could go higher depending on the shakeout of claims by the Internal Revenue Service, et al.
Uncle Sam seized assets valued at more than $17 million allegedly tied to bank funds diverted by Stuart, who died March 26.