Heartland Bank Takes Over Allied Bank's Last Little Rock Branch

Heartland Bank Takes Over Allied Bank's Last Little Rock Branch
Allied Bank's last remaining operational presence in Little Rock at the corner of Kavanaugh Blvd and Fillmore Street.

The location of Allied Bank’s last operational branch in Little Rock recently was forfeited in lieu of foreclosure.

Heartland Bank of Little Rock took ownership of the 7,340-SF building at 5701 Kavanaugh Blvd. from Ellen Golden, Direct Importer of French Antiques LLC.

Allied pays monthly rent of $5,000 for a 700-SF piece of the building, which also bears a 1916 N. Fillmore St. address and housed Ellen Golden French Antiques.

Ellen Golden is the wife of Lex Golden, whose family controls the $79.3 million-asset bank and its parent company, Acme Holding Co.

The property secured a July 2012 loan of $1.3 million from Heartland. (For more about asset problems at Heartland, see Heartland Bank Braces For 2016.) The building still secures a June 2015 loan of $100,000 from Anstaff Bank of Green Forrest (Carroll County).

We’re told that Allied Bank remains a tenant and the antique shop is a short-term tenant in the process of selling/moving its wares.

Acme Holding is in the final months of Chapter 7 bankruptcy liquidation.

Acme’s prime asset, Allied Bank, recorded a $2.2 million loss for 2015, marking the fifth consecutive year of fiscal red ink. The bank has lost more than $13 million since 2011.