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Allied Auction Saw More Banks Bid; Chambers Garnishes Golden’s Last Paycheck

2 min read

Bank-owned real estate gave Today’s Bank of Huntsville a winning edge in the regulatory-mandated sale of Allied Bank of Mulberry (Crawford County).

Today’s bid 77.24 percent of the book value of Allied’s OREO, property recovered that secured bad loans.

That line item added $7 million to the kitty based on Allied’s June 30 call report. The nearly insolvent $66.3-million asset lender recorded OREO of $9.1 million at the time.

The OREO component — that’s “other real estate owned” — separated Today’s winning bid of a negative $6.14 million from the pack.

Lenders that submitted bids for Allied to the Federal Deposit Insurance Corp. included Chambers Bank of Danville, First Community Bank of Batesville, Grand Savings Bank of Grove, Oklahoma, and State Bank of Texas in Dallas.

Last week we told you that two other lenders expressed interest in Allied Bank: Centennial Bank of Conway and FNBC Bank of Ash Flat.

Seeking Recompense
Arkansas bank watchers will no doubt recall that Chambers Bank was the leading creditor of Allied’s bankrupt parent company: Acme Holding Co.

Chambers held two loans totaling more than $4.5 million and secured by Acme’s ownership of Allied Bank.

In connection with one of those loans, Chambers landed a $2 million summary judgment in Yell County Circuit Court on July 15 against Lex and Ellen Golden, who personally guaranteed the debt.

In its collection efforts, Chambers last month garnished an $886 paycheck, one of Lex Golden’s last paydays at Allied.

Golden held the title of special assets manager with the bank and was the long-time CEO before that. His family controlled Acme and Allied until the FDIC stepped in last month.

C Holdings LLC, an affiliate of Chambers Bank, also held a $1.4 million delinquent loan claim against Acme.

Hildene Asset Management, representing the holders of trust-preferred securities, held a claim of more than $3 million against the Acme.

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