Golden Property Allcorp Inc. Goes Bankrupt

Golden Property Allcorp Inc. Goes Bankrupt

Another business holding of the Golden family has filed for bankruptcy protection.

Allcorp Inc. of Little Rock, which owns the $16.9 million-asset Community State Bank of Bradley (Lafayette County), filed for Chapter 11 reorganization late Wednesday.

The initial filing in the U.S. Bankruptcy Court for the Eastern District of Arkansas contains few details. It lists Allcorp’s assets at between $1 million and $10 million. The same range is used for the debts.

Allcorp’s bankruptcy attorney, Stanley V. Bond of Fayetteville, said on Thursday that the bankruptcy happened suddenly and he didn’t have many specifics on the case.

Community State Bank is currently the smallest bank by assets chartered in Arkansas. But at least it’s profitable: net income of $323,000 in 2014 and $55,000 in 2015.

Alex Golden and his father, Lex Golden, acquired the bank through Allcorp in 2010. Alex Golden is listed as the president of Allcorp.

The Golden family also has control of Allied Bank in Mulberry.

Last week we told you in a front-page story that Lex and Ellen Golden recently were hit with a $2 million judgment in Yell County Circuit Court. Chambers Bank of Danville received the award in connection with the Little Rock couple’s personal guarantee of a delinquent loan to Acme Holding Co.

That case was one of many tied to the bankruptcy of Acme, the parent company of Allied Bank. Under the Golden family’s ownership and management, the bank has lost more than $14 million since 2010.

Acme Holding filed for Chapter 11 reorganization in 2014, and it was converted to a Chapter 7 liquidation a year ago. It listed total assets of $12.2 million and liabilities of $11.4 million.

That case remains open.