Community First Bank of Harrison sued Dennis Smiley Sr. last month claiming he owes nearly $250,000 for defaulted loans.
Smiley, the chairman of First State Bank of De Queen, is the father of former Arvest executive Dennis Smiley Jr., who has been the target of a number of lawsuits from banks for pledging the collateral to multiple lenders.
Community First Bank said in its lawsuit that the elder Smiley took out three loans and personally guaranteed another for Design for the Home LLC, which was owned by Smiley Jr. and his wife, Cynthia Smith.
But those loans have fallen into default, according to the lawsuit filed in Boone County Circuit Court.
The bank is seeking a judgment against Smiley Sr. for the amount, plus court costs and attorney fees.
Dennis Smiley Sr.’s attorney, Brian Hogue of Fayetteville, said it’s his policy not to comment on pending litigation.
If you recall, First State Bank received a $666,077 judgment against Dennis Smiley Jr. last year. The amount represents the single largest claim in connection with his alleged loan fraud scheme.
Dennis Smiley Sr. was sucked into the legal tangle when loan documents with his purported signature began showing up in Benton County Circuit Court documents filed last year. The elder Smiley has indicated in other litigation that his signature was forged.
As of last week, no criminal charges had been filed against the younger Smiley.
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