Posted 9/2/2013 12:00 am
Updated 7 months ago
The Chapter 11 filing by Rogers Bancshares Inc. makes it abundantly clear its common stock is worthless.
What can be worse than owning worthless stock?
Owning worthless stock pledged as collateral on a multimillion-dollar loan that is backed with a personal guaranty.
That’s the position facing the estate of Doyle Rogers Sr. in regards to about $8 million in outstanding debt owed to Centennial Bank of Conway.
The controlling interest in Rogers Bancshares held by Rogers Family Ltd. No. 2 secured an original $10.1 million loan dating back to February 2010.
The limited partnership’s ownership tops 80 percent of the common shares in Rogers Bancshares, the parent company of Little Rock’s Metropolitan National Bank.