Posted 4/29/2014 04:24 pm
Updated 4 months ago
The holding company for Allied Bank of Mulberry (Crawford County) filed for Chapter 11 bankruptcy reorganization Tuesday morning.
Acme Holding Co. filed a voluntary petition listing estimated liabilities of between $1 million and $10 million and estimated assets of less than $50,000.
Acme is controlled by the family of Lex Golden of Little Rock. Golden is chief executive officer of Acme.
The seven-page preliminary filing lists two unsecured claims: $2 million held by Axys Capital Management of Austin, Texas, and $1.4 million held by Southern Bank of Batesville.
The Axys debt was a loan that was purchased from Heartland Bank of Bryant. The Southern Bank loan represents a loan to the Acme Holding Co. Inc. Employee Stock Ownership Plan. Allied Bank has 53 employees, but it isn't known how many of them participated in the ESOP nor the total assets of the ESOP.
The ESOP, holding company and Allied Bank entered into a written supervisory agreement with the Federal Reserve Bank of St. Louis on May 2, 2012.
The agreement covers strengthening credit risk management, lending and credit administration and reducing concentrations of credit risk.
Allied Bank was among the banks that fell victim to the special improvement district bond scam of convicted felon Kevin Lewis.
The $138 million-asset lender lost $118,000 during the first quarter 2014. Allied Bank lost $3.1 million in 2013 and lost nearly $3.5 million during 2012, according to its restated year-end call report.
The bank has two full-service bank offices in Little Rock and one each in Alma, Mansfield, Mulberry Ozark and Van Buren.