Luke Quinn
The successor to the failed Allied Bank of Mulberry is trying to collect $53,898 associated with another failed lender: Little Rock’s Heartland Bank.
Today’s Bank of Huntsville is suing to collect on a long-delinquent loan to Luke W. Quinn IV, namesake son of Heartland’s one-time leading shareholder.
The stated purpose of the investment loan? Purchase stock in Rock Bancshares Inc., parent company of Heartland.
The February 2015 loan originally totaled $303,000 and was secured by 11,140 shares of Rock Bancshares.
According to the lawsuit, no loan payments have been made ever since a quarterly payment went unpaid Oct. 5, 2016.
You might recall that Today’s Bank pursued a collection suit against the elder Quinn related to another long delinquent Allied Bank loan.
Today’s Bank obtained a default judgment of $741,000 against Walter Quinn and his Airsouth Inc.
The loan originally totaled $1 million and dated back to June 2007, when it was used to acquire a 1981 Cessna 550.
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