Rock Bancshares Also On the Hook to Farmers & Merchants Bank

Rock Bancshares Also On the Hook to Farmers & Merchants Bank

Simmons Bank of Pine Bluff wasn’t the only bank creditor of Rock Bancshares Inc. (See Simmons Bank Becomes Sole Shareholder of Heartland Bank.)

Farmers & Merchants Bank of Stuttgart was owed $687,271.

Back in May, the $994 million-asset lender filed a lawsuit to collect from Rock Bancshares.

The debt started as a $1.5 million loan in August 2012.

Walter Quinn, the financially challenged Little Rock businessman, signed that note as chairman of Rock Bancshares. The balance dropped to $505,062 in August 2013 and climbed to $1 million a year later.

Quinn stepped down as chairman, president and CEO of Rock Bancshares as well as director at Heartland heading into 2016.

The note was renewed in March 2016 with a balance of $750,000. Sally Brewer, chief financial officer, signed for that loan.

Judy Lawton, as president and COO, again renewed the note for $650,000 in August 2016 and $1 million four months later.

Last month, Simmons took possession of the Little Rock bank holding company’s biggest asset: the capital stock of Heartland Bank.

You might recall that Simmons recovered the stock at an auction. For now, the $199 million-asset Heartland operates as a separate operation.