Centennial Files Foreclosure Against Former Allens CEO

Centennial Bank of Conway has filed a foreclosure suit against Joshua Allen, the former CEO and president of Allens Inc. of Siloam Springs.

In the lawsuit, filed in late August in Washington County Circuit Court, Centennial claims that Allen and his wife, Stacey, owe the bank more than $2.2 million on two loans from Liberty Bank of Arkansas in 2012, the year before Centennial acquired Liberty.

Centennial said the Allens received a loan of more than $890,000 in April 2012, using their Springdale home and 18 acres near Siloam Springs at collateral. In December of that year, the Allens received a loan of more than $1.475 million secured by their 50 percent interest in Allen Leasing LLC, which is now called ALL-AG.

Centennial said the couple owes more than $812,000 on the first loan and more than $1.4 million on the second.

The home on Nancy’s Vista Terrace in Springdale was purchased from Allen Canning Co. for $950,000 in 2004. It is slightly more than 5,000 SF, which includes a 1,075-SF finished garage; there is also a 540-SF garage apartment.

The acreage southeast of Siloam Springs consists of approximately 13 acres of pasture land and 5 acres of timber.

Centennial Bank named Stacey Allen, ALL-AG and Discover Bank as co-defendants. Discover Bank won a $8,250 default judgment against the Allens four months ago, and Centennial claimed its interest in the Allens’ property had priority over the judgment.

Joshua Allen is the great-grandson of Earl Allen, who founded Allen Canning Co., once one of the largest privately held companies in Arkansas with peak revenue of $746 million in 2010. It was renamed Allens Inc. in 2006 after the company expanded into the frozen foods market.

Joshua Allen was named CEO and president of the company in April 2013, shortly before the company filed for Chapter 11 bankruptcy. Its assets were sold in February 2014 for $160 million to Sager Creek Acquisition Corp., an investment group.

Sager Creek sold its interest in Allen to Del Monte Foods of San Francisco for $75 million in March 2015.