Allcorp Ownership of Bradley Bank Liquidated for $2.6M

Allcorp Ownership of Bradley Bank Liquidated for $2.6M
Community State Bank of Bradley (Google Maps)

The long-running Allcorp Inc. bankruptcy case is moving toward a close.

The holding company’s ownership of the $17.1 million-asset Community State Bank in Bradley was liquidated in a $2.6 million deal.

Of the proceeds from that stock sale, $1.5 million went to Simmons Bank of Pine Bluff.

You might recall that Simmons entered the picture in August 2017 through a $1.3 million debt held by Little Rock’s Heartland Bank. That loan in default triggered the Lex Golden family taking Allcorp on its trip to bankruptcy court.

The Heartland loan passed to Simmons, which took over Heartland following a loan default of its parent company, Rock Bancshares Inc.

The Allcorp bankruptcy, at 30 months and counting, is among four bankruptcies associated with the Golden family and their banking interests.

The other three, all completed, involved Acme Holding Co., parent company of the failed Allied Bank; and the personal bankruptcies of Lex and Ellen Golden and their daughter, Amy McCay.