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.
