A 244-room hotel in west Little Rock tipped the scales at $13.5 million.

Crowne Plaza Little Rock LLC, led by Wally Allen, sold its namesake hotel at 201 S. Shackleford Road. The buyer is WLR Hotel LLC, led by Shashwat Goyal.

The deal is backed with a four-year loan of $10.2 million from Southern Bank of Poplar Bluff, Missouri.

The 4.22-acre development previously was linked with a December 2012 mortgage of $15 million held by Centennial Bank of Conway.

The location was bought for $2.2 million in January 1985 from Emporia Hotels Inc., led by Don Dreiske.

NLR Retail
A 6,000-SF retail building in North Little Rock weighed in at $2.57 million.

Vic and Victoria Alberti of Clovis, California, acquired the 11951 Maumelle Blvd. project, home to Mattress Firm and Verizon.

The seller is CGP Maumelle MF LLC of Birmingham, Alabama.

The deal is funded with a 25-year loan of $1.57 million from First Symetra National Life Insurance Co. of Seattle.

The 1.03-acre development previously was tied to a $2.1 million mortgage held by Sterling Bank of Poplar Bluff, Missouri.

The site was purchased for $745,000 in December 2015 from Simmons First National Bank of Pine Bluff.

Templars Transaction
A historic 10,041-SF building in downtown Little Rock rang up a $950,000 sale.

The Arkansas Department of Heritage bought the former headquarters of the Mosaic Templars of America at 906 Broadway.

The seller is the Leonal W. Kilgore Revocable Trust.

The 0.31-acre development previously was linked with a January 2006 mortgage of $1.6 million held by First Neodesha Bank of Neodesha, Kansas.

The property was acquired for $1.8 million more than 11 years ago.

The seller was S&D Holdings LLC, led by John Donaldson.

Warehouse Purchase
A 44,640-SF warehouse project in Little Rock changed hands in deals totaling $730,000.

MPV Leasing & Rentals LLC, led by Michael Vogelpohl, purchased the 6200 Patterson Road project and an adjoining 0.57-acre parcel. The sellers are P-Americas LLC of Dallas, $675,000; and Walk-Winn Plastic Co., led by Tommy Walker, $55,000.

The deal is financed with a five-year loan of $568,000 from Arvest Bank of Fayetteville.

The 4.41-acre P-Americas property was assembled in three deals totaling $338,000. The sellers were Mountain Valley Spring Co., $290,000 in May 1967; Industrial Development Co. of Little Rock, led by Everett Tucker Jr., $23,000 in September 1982; and $25,000 in April 1983.

Walk-Winn bought its property in October 1987 as part of a $500,000 deal with the Industrial Development Co. of Little Rock.

Office Acquisition I
A 3,312-SF office building in downtown Little Rock is under new ownership after a $390,000 sale.

H.O.E. Properties LLC, led by Frank Hamlin, acquired the 1101 W. Second St. project.

The seller is 1101 Partners LLC, led by Patty Lueken.

The seller provided a 10-year loan of $350,000 to facilitate the sale.

The 0.2-acre development was purchased for $133,750 in September 2014 from Ann and Walter Pincus.

Cosmetology Sale
A 5,358-SF commercial project in North Little Rock drew a $275,000 transaction.

Clifton Family LLLP, led by Norman Clifton, bought the Lee’s School of Cosmetology project at 2700 Pershing Blvd. from Linda Lee.

The property was acquired for $60,000 in September 1988 from Apartment House Builders Inc., led by John Kincannon.

Office Acquisition II
A 2,300-SF office building in Sherwood sold for $252,000.

Brad Barnett Insurance Agency Inc. purchased the 1610 E. Kiehl Ave. project from Frank Schulte.

The deal is backed with a three-year loan of $252,000 from Bear State Bank of Little Rock. The 0.46-acre development previously was tied to an April 2009 mortgage of $141,000 held by Centennial Bank.

Schulte bought the location for $60,000 in September 1996 from Kiehl Avenue Associates Ltd., led by Maury Mitchell Jr.

River Ridge Abode
A 4,515-SF home in Little Rock’s River Ridge Manor neighborhood changed hands in a $689,000 transaction.

John and Hope Lacey acquired the house from the Rosalyn D. Jacuzzi Revocable Trust.

The deal is funded with a 30-year loan of $200,000 from IberiaBank of Lafayette, Louisiana.

The property was purchased for $67,000 in June 1966 from H.C. and Mevrouw Coburn.

Cliffewood House
A 2,684-SF home in Little Rock’s Cliffewood neighborhood rang up a $655,000 sale.

Henry Barham III and his wife, Jeanne, bought the house from Tyler Kirk.

The deal is financed with a 30-year loan from Regions Bank of Birmingham, Alabama.

The residence previously was linked with a May 2016 mortgage of $675,000 held by Centennial Bank.

Kirk acquired the property for $675,000 a year ago from Kelly and Ellen Kreth.

Maisons Home
A 4,764-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $609,000 transaction.

Hal Palmer purchased the house from Omon and Cynthia Hill. The deal is backed with a 30-year loan of $424,000 from Arvest Bank.

The residence previously was tied to a February 2005 mortgage of $472,000 held by Merrill Lynch Credit Corp. of Jacksonville, Florida.

The Hills bought the property for $590,000 more than 12 years ago from Richard Harp Homes Inc.

Riverview Manor
A 3,644-SF home in the Riverview Manor neighborhood sold for $580,000.

Julia Watkins acquired the house from the Schwartz Family Living Trust, led by Michael and Stacey Schwartz.

The deal is funded with a one-year loan of $580,000 from BancorpSouth Bank of Tupelo, Mississippi. The residence previously was linked with a November 2015 mortgage of $400,400 held by Bank of America in Charlotte, North Carolina.

The Schwartz family purchased the property for $515,000 in December 2013 from David and Angela Williams.

Mirabel Dwelling
A 3,784-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development drew a $535,000 transaction.

Anthony and Mary Hilliard bought the house from Sharlow Builders & Developers LLC, led by Reggie Clow.

The deal is financed with a 15-year loan of $350,000 from Simmons Bank of Pine Bluff. The residence previously was tied to a December 2016 mortgage of $421,200 held by One Bank & Trust of Little Rock.

The location was acquired for $85,000 in December 2015 from Deltic Timber Corp. of El Dorado.

PV Residence
A 3,904-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $530,000 sale.

Brock Whisenhunt Jr. purchased the house from the Lorraine Funk Hannah Revocable Trust. The deal is backed with a 15-year loan of $424,000 from Bank of Little Rock Mortgage Corp.

The Hannah family bought the site for $11,000 in May 1971 from Pleasant Valley Inc.

Bank of the Ozarks Inc. on Wednesday announced that it will sell 6.6 million shares of common stock in a public offering and expects gross proceeds from the sale to be $302.3 million before underwriting discounts and offering expenses.

The Little Rock company has also granted the underwriter a 30-day option to purchase up to an additional 990,000 shares of its common stock. It expects gross proceeds to increase to $347.6 million if that option is exercised in full.

Closing of the offering is expected on or about May 31. J.P. Morgan is acting as sole book-running manager.

The company said it would used proceeds from the sale to support its growth, including growth in non-purchased loans and leases, for potential future acquisitions and for general corporate purposes.

The Simmons First National Corp. board of directors on Thursday declared a regular $0.25 per share quarterly cash dividend payable July 3, to shareholders of record June 15.

This dividend represents a 1-cent per share, or 4.2 percent, increase above the dividend paid for the same period last year.

Simmons First National Corp. is a financial holding company headquartered in Pine Bluff.

On April 19, the company reported first-quarter net income of $22.1 million, down 6 percent from the same quarter last year.

Simmons First National Corp. on Friday named Susan Lanigan of Nashville, Tennessee, to its board of directors.

Lanigan has been executive vice president and general counsel of Chico’s FAS Inc. since 2016. She served as general counsel of Dollar General Corp. from 2002-13 and was executive vice president of Dollar General from 2005-13.

Simmons said Lanigan helped guide Dollar General through a $7 billion leveraged buyout, a subsequent initial public offering and its return to public company status. During her time there, the company increased its store count from about 5,000 to more than 10,000 and grew annual revenue from $11 billion to $18 billion.

Before joining Dollar General, Lanigan served as in-house counsel for Turner Broadcasting System Inc. and as senior vice president, general counsel and secretary of Zale Corp.

Lanigan has been a director of Kirkland’s Inc. since June 2016 and chairman of the Tennessee Education Lottery Corp. since 2014.

As director of the Arkansas District Office of the U.S. Small Business Administration, Edward Haddock is responsible for all SBA programs and services as well as coordination among the SBA, the district’s Small Business Development Centers, SCORE chapters and the Women’s Business Center throughout the state.

Haddock started his SBA career in 2011 as an economic development specialist in the agency’s Newark, New Jersey, office. He was promoted to senior area manager in Fayetteville in 2013, was named the SBA’s Arkansas deputy district director in May 2015 and was named director in January 2017 on the retirement of Linda Nelson.

Haddock has an MBA from Rutgers University and a bachelor’s in organizational management from John Brown University. He also spent 12 years in the U.S. Air Force, including deployments in both humanitarian and combat operations.

What are some functions of the SBA that readers might not be aware of?

Most people know about the SBA’s lending side, where we offer a loan guaranty to help increase capital access to small businesses. What most people don’t know is that the SBA has an Office of the Ombudsman, which helps ensure regulatory fairness for our small businesses, and an Office of Advocacy, which advances the views and concerns of small business before Congress, the White House, federal agencies, the federal courts and state policymakers. We also have programs for trade development, contracting assistance, no or low-cost training and disaster relief for businesses and individuals. We touch almost every aspect of small business.

Can you share the success story of an Arkansas business whose help from the SBA really made a difference?

Our recent winner of SBA’s Small Business Person of the Year is a great example of what benefits can be gleaned from working with the SBA. Vision IT of Little Rock, led by Victoria Washington, made incredible progress growing through several SBA programs. Certifying as an 8(a) company gave her organization preference in the federal procurement process, where she was successful in garnering several large contracts. She spent close to eight months completing SBA’s Emerging Leaders program, where she refined her business acumen and gained MBA-level tools to use in the management of her business. She led her business from $74,000 in revenue with zero employees to more than $3 million in revenue. Her organization also hired 21 employees within three years. Companies like Vision IT are why small business is one of the most powerful economic development tools available.

You’re an Air Force vet. How does your military service influence the way you perform your job?

I was trained according to a set of core values that stay with me in my daily work: integrity first, service before self and excellence in all we do. These guiding values help me stay on track, embrace our mission and develop our team into an efficient cohort that is fully dedicated to helping small businesses start, grow and succeed.

What’s the greatest career mistake you’ve made and what did you learn from it?

I have had numerous learning opportunities in my career, and I don’t consider any of them a mistake. Each opportunity has provided me a greater opportunity to learn and grow.

I had a challenging time separating from the military; in many ways, that separation taught me more about who I really am than the 12 years I spent serving. I’ve had unsuccessful business launches, which taught me more about business than any successful operation ever did. Each of these growth points taught me patience, resilience and optimism, and helped me get where I am today.

The hardest part of our own mistakes is the journey through it, when we’re at the lowest point. That’s when they seem more like setbacks than useful lessons. I think it’s important to have the desire, strength and foresight to continue on; often if we can just push through, success will be just ahead. And being willing to seek out the support that’s available to us is key as well.

A Missouri investor bought a Fayetteville apartment complex for $8 million.

Patrick O’Reilly of Springfield bought the South Creekside Apartments through Fayetteville Multifamily Apartments LLC. O’Reilly is the head of O’Reilly Development Co., which specializes in student and multifamily housing.

The 8.3-acre, 126-unit complex at 900 N. Leverett Ave. is four blocks from the University of Arkansas campus.

ALS Management LLC of North Little Rock sold the property. ALS, led by Arby and Angela Smith, received a 20-year, interest-free loan worth $7.75 million from the Arkansas Development Finance Authority in Little Rock to buy and renovate the apartments in 2009.

O’Reilly assumed the $6.88 million outstanding principal balance on the loan from the ADFC. The Bank of Fayetteville had acquired the property in lieu of foreclosure from Garden Park Apartments LLC, led by Steve Mansfield.

Third Bank a Charm?
A two-time bank branch on West Wedington Drive in Fayetteville has a new owner, and to no surprise it is a bank. Citizens Bank of Batesville paid $2.2 million for a former Simmons Bank branch at 3971 W. Wedington. The 3,442-SF site was a Metropolitan Bank location before Simmons First National Bank of Pine Bluff acquired Metropolitan National Bank of Little Rock for $53.6 million in 2013.

Simmons closed the branch, which had $3.2 million in deposits, on July 1, 2016. It had a $4.7-million branch, based on statistics from June, a couple of miles away on Martin Luther King Jr. Boulevard at the time.

Citizens has been expanding under CEO Phil Baldwin’s, pushing into Rogers, as well as Hot Springs, Arkadelphia and Monticello, through a $21.8 million acquisition of Parkway Bank.

Zweig Buys Apartments
Developer Mark Zweig paid a little more than $1 million for an apartment complex at 944 N. Storer Ave. in Fayetteville.

Mark Zweig Inc. bought the property from AJ Hammock LLC, led by Jeffrey Rich and Amy Lynn Farmer of Fayetteville. The three-story complex has 20 one-bedroom units and 10,500 SF of living space.

Signature Bank of Fayetteville provided a loan of almost $1.3 million.

Contractors Consolidation
Multi-Craft Contractors of Springdale purchased five acres next to its headquarters on Lowell Road for $1.1 million.

One parcel was 3.5 acres and the other was 1.5, and both were owned by Henry Cantrell of Benton, Louisiana. The properties are at the northwest corner of Lowell and West Randall Wobbe Lane, just south of Multi-Craft’s main location.

The two warehouses on the property will add 56,000 SF to Multi-Craft. Multi-Craft bought the property through its BLK LLC, led by Rick Barrows, Multi-Craft’s president and majority owner.

Barrows, in an interview earlier this month, said the company had 35,000 SF rented throughout Springdale and wanted to consolidate its entire workforce at its central location.

BLK agreed to pay Cantrell $900,000 by 2027.

Hunan Manor Restaurant
A Rogers investor paid more than $1.5 million for a retail strip anchored by the Hunan Manor restaurant on North Tahoe Place in Fayetteville.

Zheng Lin LLC, led by Jian Fei Lin, bought the property from EEE-GE LLC of Fayetteville, a five-person ownership group. The 1.1-acre site has 5,420 SF shared by Hunan Manor and BoBo’s Ribbon Ice.

Arvest Bank of Rogers provided a loan of slightly more than $1.2 million.

In the past year, Lin has bought Joyce Plaza in Fayetteville for $3.7 million, the Arbors Apartment complex in Springdale for $2.4 million before selling it for $3.05 million seven months later and the Casa Villa Shopping Center in Springdale for $750,000.

Shoulder Center
A medical office in Fayetteville sold for $1.375 million.

One Sixty One Holdings LLC, led by Monte Sharits of Fayetteville, bought the 7,328-SF building that houses the Shoulder Center, an orthopedic clinic led by surgeon Wesley Cox. Generations Bank of Fayetteville assisted the purchase with a loan of a little more than $1.4 million.

NWA Investors I LLC, led by Leonard Boen of Little Rock, was the seller.

A 67,935-SF mini-storage project in North Little Rock weighed in at $3.3 million.

Modern Storage Maumelle Blvd LLC, led by Keith Richardson, purchased its namesake at 9100 Maumelle Blvd. The seller is JWL I Ltd., led by William Titus.

The deal is financed with a five-year loan of $2.9 million from First Security Bank of Searcy.

The 4.16-acre development previously helped secure a December 2012 mortgage of $5.6 million mortgage held by Southern Bancorp Bank of Arkadelphia.

JWL bought the property for $2.15 million in July 1998 from the Lusk Family LLC, led by Jo O’Bryant Lusk.

Warehouse Sale I
A 59,404-SF cold storage warehouse in east Little Rock tipped the scales at $1.75 million.

Sage V Foods LLC of Los Angeles acquired the facility at 6100 Lindsay Road from Ben E. Keith Co. of Fort Worth, Texas.

The 5.7-acre development was purchased for $1.3 million in November 1987 from the estate of Theo A. Dillaha Sr.

Warehouse Sale II
A 56,880-SF warehouse in downtown Little Rock changed hands in a $1.38 million sale.

Pierce Smith LLC, led by Tyler Pierce and Blake Smith, bought the Golf Cart Wholesalers project at 1515 E. Fourth St. The seller is 1515 Holdings Inc., led by Nick Pierce and Paul Cantrell.

The deal is backed with a five-year loan of $2.1 million from Eagle Bank & Trust of Little Rock.

The 1.7-acre development previously was tied to an October 2016 mortgage of $1.4 million held by Little Rock’s Bank of the Ozarks.

The property was acquired for $525,000 in December 2009 from Harbor Distributing Co., led by Nick Pierce.

Chick-fil-A Site
A 1.49-acre commercial location in Maumelle rang up a $1.1 million transaction.

Chick-fil-A Inc. of Atlanta purchased the land near the northeast corner of Maumelle Boulevard and Odom Boulevard South.

The sellers are R&L Properties, led by Tommy Lasiter, $606,000; BAT REP LLC, led by Bruce Thalheimer, $202,000; and WMBS LLC, led by Warren Stephenson, $202,000.

The property helped secure a June 2013 mortgage of $2 million held by BancorpSouth Bank of Tupelo, Mississippi.

The site was bought in June 2004 as part of a $3.4 million deal with Capitol Development of Arkansas Inc., led by Michael Todd.

Industrial Purchase
A 35,600-SF industrial facility in east Little Rock sold for $950,000.

STT Inc., led by Shirley Heatherly, acquired the HD Supply project at 8915 Fourche Dam Pike.

The seller is AWP Investments LLC of Owasso, Oklahoma.

The deal is funded with a two-year loan of $760,000 from Merchants & Planters Bank of Newport.

The 7.23-acre development was purchased for $875,000 in March 2003 from Cepco Inc., led by Keith Riggs.

Zaxby’s Location
A Zaxby’s project is in motion in west Little Rock after a $597,879 land deal.

Quapaw Properties III LLC of Milledgeville, Georgia, bought the 1.12-acre site at the southwest corner of Kanis and Kauffman roads from Akshar 8 LLC, led by Dr. Shailesh Vora.

The deal is financed with an 11-year loan of $1.9 million from Planters First Bank of Cordele, Georgia.

The property previously was linked with a February 2016 mortgage of $375,000 held by Arvest Bank of Fayetteville.

Akshar 8 acquired the land for $500,000 15 months ago from Glenda C. Pehrson Family Ltd. and GCP Holdings LLC, led by Susan Pehrson.

Vet Redevelopment
A 6,850-SF retail building in Jacksonville drew a $435,000 transaction.

Elson Properties LLC, led by Jodie Freifeld, purchased the former Advanced Auto Parts store at 1304 N. First St. from Harold Gwatney Chevrolet Co.

The redevelopment into a veterinary facility is backed with a $1.4 million loan from Live Oak Banking Co. of Wilmington, North Carolina.

The auto dealership bought the 0.77-acre development for $350,000 in June 2015.

The seller was the Shefflette Family Trust, led by Patrick and Lois Shefflette.

Church Ground
A Little Rock congregation staked its $420,000 claim on a 5.48-acre tract in west Little Rock.

First Christian Church acquired the land near the northeast corner of Taylor Loop and Hinson roads from the Julia M. Pierce Living Trust.

The property was purchased in three transactions totaling $1,213.

The sellers included William Karzinaucki, $63 in August 1941; and Pearl Martin, $150 in August 1942. Rounding out the sellers are Chester and Etta King, $1,000 in January 1963.

Arbors Abode
A 4,115-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development rang up a $620,000 sale.

Edwin and Kathy Watson bought the house from Regions Bank of Birmingham, Alabama.

The bank recovered the house from Gary Hendershott in December at a $618,750 foreclosure sale.

Mirabel Dwelling I
A 3,983-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $598,000 transaction.

Matthew and Morgan Wilkins purchased the house from HA Custom Homes LLC, led by Subrabmanyam Narravula.

The deal is funded with a 30-year loan of $476,000 from First State Bank of Russellville.

The residence previously was tied to a September 2016 mortgage of $445,600 held by One Bank & Trust of Little Rock.

The site was bought for $84,000 in June 2016 from Clinton Properties LLC, led by Bruce Clinton.

Riverview Manor
A 3,644-SF home in the Riverview Manor neighborhood rang up a $580,000 deal.

Julia Watkins acquired the house from the Schwartz Family Living Trust, led by Michael and Stacey Schwartz.

The deal is financed with a one-year loan of $580,000 from BancorpSouth Bank.

The residence previously was linked with a November 2015 mortgage of $400,400 held by Bank of America in Charlotte, North Carolina.

The Schwartz family purchased the property for $515,000 in December 2013 from David and Angela Williams.

Mirabel Dwelling II
A 3,784-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development sold for $535,000.

Anthony and Mary Hilliard bought the house from Sharlow Builders & Developers LLC, led by Reggie Clow.

The deal is backed with a 15-year loan of $350,000 from Simmons Bank of Pine Bluff.

The residence previously was tied to a December 2016 mortgage of $421,200 held by One Bank & Trust.

The location was acquired for $85,000 in December 2015 from Deltic Timber Corp. of El Dorado.

PV Residence
A 3,904-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $530,000 sale.

Brock Whisenhunt Jr. purchased the house from the Lorraine Funk Hannah Revocable Trust. The deal is funded with a 15-year loan of $424,000 from Bank of Little Rock Mortgage Corp.

The Hannah family bought the site for $11,000 in May 1971 from Pleasant Valley Inc.

Multimillion-Dollar Construction

Madison at Chenal    $20,300,000
15401 Chenal Parkway, Little Rock
Huffman Contractors Inc., Little Rock
 
Tru By Hilton    $4,500,000
11320 Bass Pro Parkway, Little Rock
Integrity Construction of Arkansas Inc., Little Rock

Jared Gabriele has been hired as an assistant vice president and loan officer at Grand Savings Bank for the bank’s Rogers market. He previously was a mortgage closer at Arvest Bank.

Ron Branscum has been hired as city president for Rogers at Citizens Bank. He previously was the president of Regional Therapy Services Inc. in Rogers.

Don Moseley has been hired as a business development associate for national accounts at Entegrity in Fayetteville. He was previously senior manager of sustainable facilities at Wal-Mart.

Nicole Reid has been hired at Sparks Clinic Lung Center in Fort Smith as an advanced practice registered nurse. She was previously a registered nurse in the intensive care unit at Sparks Health System in Fort Smith.

Joey McCutchen received the 2017-18 President’s Gavel and the Roxanne Wilson Advocacy Award from the Arkansas Trial Lawyers Association at its annual convention in Eureka Springs. He is the founder of McCutchen & Sexton of Fort Smith.

Other award recipients include the following:

• Tré Kitchens of the Brad Hendricks Law Firm in Little Rock, recipient of the Outstanding Trial Lawyer Award
• Judge John Homer Wright of the 18th East Judicial Circuit, recipient of the Trial Judge of the Year Award
• Frank Bailey of the Bailey & Oliver Law Firm in Rogers, recipient of the Henry Woods Lifetime Achievement Award
• State Rep. Jimmy Gazaway of Paragould, recipient of the Consumer Advocate Award
• Retired Col. Mark Ross of North Little Rock, recipient of the Citizen Merit Award
• Josh Gillispie of Green & Gillispie Attorneys at Law in Little Rock, recipient of the Outstanding Member of the New Lawyer Division
• Kathleen Monk of Springdale, recipient of the Outstanding Paralegal Award.

Officers named during the convention include President-elect Jesse Gibson of the Gibson Law Firm in Little Rock, Vice President Bryce Brewer of the Bryce Brewer Law Firm in Little Rock and Secretary/Treasurer Alan Lane of the Odom Law Firm in Fayetteville.

See more of this week's Movers & Shakers, and submit your own announcement at ArkansasBusiness.com/Movers.

Arkansas mortgage brokers and other financial professionals in the state have to comply with new licensing and bonding rules. The changes were introduced by a new piece of legislation — House Bill 1801, now Act 669 of 2017 — which took effect March 27.

The bill amends the Fair Mortgage Lending Act. Anyone affected by the actions of a licensed Arkansas mortgage broker will now be able to file a claim against the broker bond up to five years after the broker has ceased operations in the state. This provides extended protection for mortgage buyers who have suffered misuse or fraud by a mortgage professional. Mortgage professionals will also have to meet a different set of licensing requirements.

Some criteria that were needed previously are removed, while new ones have been added. With the new legislation, Arkansas mortgage brokers will now be accountable for mortgage broker bond claims for a period of at least five years after the end of their activities in the state.

The surety bond is one of the main licensing requirements for mortgage brokers across the country. The licensing and bonding in Arkansas are regulated by the Arkansas Securities Department. It requires brokers to post a mortgage broker bond based on their loan activity, with a minimum amount of $100,000. The amendments in the bill allow the commissioner to set the bond amount as deemed necessary. However, the actual submission of the bond still needs to be made via the National Mortgage Licensing System. The bond form is available online.

The bond functions like an extra layer of protection for Arkansas loan buyers. If a mortgage broker fails to abide by applicable laws and engages in misuse and fraud that negatively affect a customer, a claim can be made on the bond. The new legislation clearly states that “any person who has a cause of action” can file a suit on the bond.

If a bond claim is proven, the affected parties can get a reimbursement up to the penal sum of the bond. The surety that has bonded the broker covers the expenses at first, which guarantees that the claimants will receive the compensation. The mortgage broker is then liable to repay the surety in full for all incurred costs.

Besides introducing stricter rules for mortgage broker bond claims, Act 669 makes a number of changes in the licensing for mortgage brokers and other financial professionals in Arkansas.

Previously, the licensing process entailed that the business history, qualifications and financial situation of the applicant and any officers, partners, directors and managing principals must be examined. With the new law, only the applicant and any managing principals must provide their personal and financial information.

A new requirement was added to the licensing as well. Now mortgage professionals need to undergo fingerprinting. It can be used by the FBI and any other relevant authority. The rest of the licensing criteria and fees remain the same.

Additionally, there are some changes that affect mortgage servicers only. When a servicer takes on the servicing rights on a loan, he must disclose to his clients proof of his licensing. He must also provide borrowers with any notice required under the Real Estate Settlement Procedures Act of 1974.

Vic Lance is the founder and president of Lance Surety Bond Associates of Doylestown, Pennsylvania. Email him at Marketing@SuretyBonds.org.

Editor’s Note: This is the latest in a series of business history feature stories. Suggestions for future Fifth Monday articles are welcome. Please contact Gwen Moritz at (501) 372-1443 or GMoritz@ABPG.com.

Not many people know that John Rogers was a millionaire real estate investor before he began serious work building his sports memorabilia and photo empire in North Little Rock.

That’s because he wasn’t. It’s a big, fat lie.

Rogers didn’t own the largest day care center in the South either. That is another of his lies.

He didn’t find a way to spin straw into gold by acquiring newspaper photo archives in exchange for creating a digital library and profitably selling the images for millions and millions of dollars either.

That was an ongoing lie that got fatter with each passing year of inflated revenue claims, and it ultimately contributed to his undoing.

It seems one of the youngest Eagle Scouts forgot the first words of the Scout Law: “A Scout is trustworthy …” (See When Scouts Go Bad below.)

Rogers’ lying ways finally caught up with him three years ago after federal investigators, creditors and investors began discovering and revealing that his bluster had crossed over to the realm of criminal fraud.

Rogers didn’t lie to his lenders in a desperate move to save his company because of a downturn in the economy. That was a lie on top of a lie he told to mitigate his criminal acts.

In a truthful moment, standing before a federal judge on March 6 to plead guilty to wire fraud, Rogers provided a simple explanation for his felonious lies.

“It was for personal gain,” said Rogers, according to the Chicago Tribune. “Greed.”

The money he raked in from his bogus sports memorabilia tactics and wheeling and dealing of photo collections funded a fabulous lifestyle for him and his family. As a convicted felon, he wistfully described it as “a once amazing life.”

Along the way, Rogers wrote big checks and made donations to charities, too.

“He’s certainly generous,” said one formerly close associate. “With other people’s money.”

Other people’s money also provided the financial foundation for his big-time business endeavors. But once upon a time, Rogers claimed his personal real estate fortune as the initial funding source for his photo archive business.

That’s what he told Chris Olds, editor of Beckett Baseball. On Sept. 20, 2011, Olds posted online a question and answer session with Rogers that included this exchange:

What kind of capital did it take to start the business, and what kind of range is there for your purchases?

“To pursue this, I liquidated real estate holdings that I had and was able to self-finance the start with a $10 million investment,” Rogers answered. “There was not only the acquisition of photo archives, but the investment in equipment, staff, headquarters and more. It took millions, and ultimately, financial institutions began to pursue us to back our business.”

(The following year he would tell his story to the Arkansas Times, omitting any claim of a real estate fortune and focusing on his humble roots in North Little Rock and his baseball card trading prowess while a college student.)

Big Bounced Checks
That part about financial institutions pursuing his business was premature. Lenders didn’t begin ardent pursuit of Rogers until they started suing him in 2014 for nonpayment of loans.

His relationship with three banks that provided financing for his business dealings all came through introductions, according to sources and court filings.

Rogers struck up his first significant banking relationship for his growing photo archive business back in 2009.

That relationship with Heartland Bank came after he made news in 2008 for buying a rare Honus Wagner baseball card for a purported $1.6 million. But the relationship with Heartland grew tense as irregularities in his accounts began to grow.

Among the problems were bounced checks, really big bounced checks that resulted in six-figure overdrafts.

Finally, Rogers was warned if it happened again Heartland officials would have to file a suspicious activities report that the movement of money in his account showed signs of money laundering or fraud.

There was talk of Heartland expanding its financial relationship, but only if Rogers agreed to hire a chief financial officer, produce audited financial statements and provide the bank with the additional security of warrants for possible ownership in his business if things went sideways.

Rogers didn’t have any interest in those conditions, and thanks to a new acquaintance he had made, a replacement for Heartland was at hand.

William “Mac” Hogan introduced Rogers to First Arkansas Bank & Trust in Jacksonville after making several seemingly lucrative sports memorabilia investments with him. That led to a financial relationship between the bank and Rogers in December 2011.

Hogan had a longtime relationship with Larry Wilson’s bank through his Jacksonville business interests, which included ownership of PoloPlaz Inc., a wood floor coatings manufacturer.

Hogan’s confidence was won over by personal investments with Rogers that delivered big returns and paid like clockwork. Both Hogan and Wilson would later learn that many of Rogers business deals were nothing more than pieces of a Ponzi scheme.

If ever a lender should be happy to have lost a customer, great must be the rejoicing at Heartland Bank.

At last count, First Arkansas Bank & Trust has a $15.5 million judgment against Rogers on unpaid loan guarantees. Some of that money was used to repay the outstanding debt at Heartland.

Hogan also introduced Rogers to Pete Maris and his Bank of Little Rock in late 2013. A month before the federal fraud investigation of Rogers became public, the bank loaned Rogers $900,000 on Dec. 23 to buy scanning equipment.

To add urgency to the loan request, Rogers said the deal represented a $200,000 savings if the equipment could be bought before Christmas.

But it was another phantom deal concocted by Rogers. The transaction was phony. The invoice was fake. The company selling the nonexistent equipment was a corporate figment created by Rogers, who absconded with the money.

‘Counterfeiting Machine’
According to former associates, it wasn’t the first time Rogers committed bank fraud. During his run with Heartland Bank, Rogers pledged assets he didn’t own to help secure funding from the bank.

The serial numbers corresponded to real equipment, but Rogers didn’t own it.

“I know we borrowed a lot of money,” said one former staffer at Rogers Photo Archives. “I know we were selling a lot of stuff on eBay. I thought we had the potential to make money.

“I think it could’ve been successful if he had just taken his time with it. But he’s just not that kind of guy.”

After hearing of his lucrative payouts, one North Little Rock businessman met with Rogers about the possibility of investing circa 2011. His recollection of the dialogue:

“Tell me how this deal works,” he said.

“I only take $100,000-$250,000 and pay 25 percent quarterly,” Rogers said.

“Do what? When he told me that — and I had read in the Arkansas Democrat-Gazette about how much business he’s doing — I wondered ‘Why would he offer me this high of a return?’”

While some outsiders were questioning the math of it all, some insiders were laughing and shaking their heads over how much money Rogers was telling the media he was making.

A forensic audit of his business records in 2014 uncovered that Rogers booked borrowed money as revenue, which pumped up the balance sheet. The appraised insurable value of assets was twisted into appraised value.

“Money coming in as loans or investments was shown as revenue or sales,” said Roger Rowe, attorney for First Arkansas Bank & Trust. “All of the tax returns he gave to the IRS and the bank were all wrong. They were fraudulent.”

Some believe the small day care business that Rogers and his then-wife, Angelica, owned is what provided Rogers with his first real taste of financial success. “That really got him started,” said a source familiar with his business dealings. “That was his cash cow.”

Others believe years of producing and selling counterfeit sports memorabilia was an even bigger source of income.

“He was a counterfeiting machine, a fake memorabilia machine,” said one former associate.

In an email once posted on his Facebook account in April, Rogers lamented: “I have shit all over a once amazing life. I have lost everything, including my freedom.”

His sentencing hearing in Chicago’s U.S. District Court is scheduled for Sept. 12.

An El Dorado businessman recently filed for Chapter 7 bankruptcy liquidation, listing $3.3 million in debts and $4.4 million in assets.

Darrell Lee Madding operated several businesses in the last eight years. The list includes All-Star Recycling-Magnolia LLC, All-Star Transportation LLC, D&D Properties LLC, Madding Real Estate Holdings LLC and Triple M. Contractors LLC, according to his bankruptcy petition filed in U.S. Bankruptcy Court.

One of his largest creditors is Homebank of Arkansas, headquartered in Damascus, which has a $575,000 claim secured by property that Madding said is worth $2.9 million. He also has a $1.3 million unsecured debt to Metal Recycling Corp. of Little Rock and more than $100,000 in credit card debt.

From January through May 12, Madding had a gross income of $30,000. In 2016, it was $108,000, but in 2015, it was only $23,740.

Madding’s bankruptcy attorney, Kyle Havner of White Hall, declined to comment.

More pieces have surfaced in the financial workout of the Main Street Lofts project in downtown Little Rock.

AMR Construction LLC now holds an $824,784 first mortgage claim on the 62,688-SF M.M. Cohn Building at 510 Main St. The change positions the property for a possible sale that would repay the Little Rock contracting firm.

AMR took the mortgage in exchange for releasing its lien claims for unpaid work that blossomed into an $896,756 judgment. The judgment was against the Main Street Lofts ownership group, originally led by Scott Reed of Portland, Oregon.

New low-profile investors are in town cleaning up the problems left by Reed with the intention of restarting construction and completing the project this year.

After earlier paying delinquent property taxes on the M.M. Cohn Building, the Deep Creek LR group also repaid delinquent 2013-15 property taxes on the project’s other two buildings.

Those tax bills totaled $20,979 on the 41,816-SF Arkansas Building at 524 Main St. and $16,219 on the 21,000-SF Arkansas Annex 514 Main St.

WASHINGTON — Americans retreated from signing contracts to buy homes in April for the second straight month, a possible sign that a declining number of homes on the market are stifling sales during the traditional spring buying season.

The National Association of Realtors said Wednesday that its pending home sales index fell 1.3 percent in April to 109.8, after slipping 0.9 percent in March to 111.3. The index has fallen 3.3 percent over the past 12 months.

Potential buyers are crowding open houses in many neighborhoods because there are fewer sales listings. Rising home values have not led more people to list their properties for sale, contrary to the expectations of many economists that great demand would lead to increased supplies. The number of properties for sale has plunged 9 percent over the past year to 1.93 million, according to the Realtors in a separate report last week.

Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.

Signed contracts in April fell in the Midwest and South, stayed unchanged in the West and increased in the Northeast.

(All contents © copyright 2017 Associated Press. All rights reserved.)

Home BancShares Inc. of Conway, parent company of Centennial Bank, announced Wednesday that it will be added to the S&P MidCap 400 and removed from the S&P SmallCap 600 before the market opens on Friday.

The S&P MidCap 400 provides investors with a benchmark for mid-sized companies. The index measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

Index constituents are classified according to the Global Industry Classification Standard, and Home BancShares will be added to the S&P MidCap 400 GICS Regional Banks Sub-Industry index.

This week’s Arkansas Business is dedicated to our 24th class of 40 Under 40 honorees, young leaders of business, government and nonprofits selected by an internal committee from a field of about 400 nominations submitted by readers.

First, I need to point out that there are actually 41 in this year’s class because the honorees include the duo of Terrance Clark and Will Staley, founders of Thrive Inc. in Helena-West Helena. We’ve recognized married couples and twin brothers in past years, but this is the first time we’ve recognized co-founders of a nonprofit this way.

This is the 18th year I’ve edited this feature, and some members of the first group I worked on in 2000 are still making news — Shane Broadway, John N. Roberts III and Darrin Williams among them. The committee that makes the selections considers both previous accomplishments and future potential, but predicting the course of anyone’s career — or life, for that matter — is a fool’s game. Any one of these 41 names may be a breakout star in our state’s business community — but that’s true of one of the hundreds of nominees who weren’t selected.

That’s why I would never claim that these are the best or the most promising young leaders in our state. But our committee did find them very impressive, and we think that readers of Arkansas Business will benefit from being introduced to them.

As usual, this year’s honorees tend to be from the state’s population centers in central and northwest Arkansas. That’s where most of our readers are clustered, so that’s where most of the nominees were. But in addition to Helena, our tour of young leaders also passed through Marion, Jonesboro, Heber Springs, Searcy, Batesville, El Dorado and Fort Smith. Wherever there is talent, we want to call it to the attention of the Arkansas Business audience.

We also look for leadership in a variety of industries. Last year it seemed like government had a lot of representation; this year the list is heavy on banking and law, but health care, restaurants, construction, marketing and others are also represented.

At a time when the topic of immigration is almost too hot to mention, our committee discovered that some of the nominees who impressed us most were immigrants or the children of immigrants, and Arkansas is better for them.

The number of nominations gives us confidence that we have a quality class of honorees, just like a bigger school has a better football team. But there is a common drawback: The starters tend to be upperclassmen. Sixteen of the 41 were either 38 or 39 when they were chosen — one actually turned 40 after being selected — and this year we have no 20-somethings.

This problem is the very reason Arkansas Business introduced a 20 in Their 20s feature eight years ago. We’ll be featuring those New Influentials in the Sept. 25 issue, so don’t forget to submit your nominations by June 30 at ArkansasBusiness.com/20. (Don’t worry: Nominees for 40 Under 40 who are still in their 20s will also be considered.)

A luncheon recognizing this year’s honorees will be held at the Embassy Suites in west Little Rock on Wednesday, June 14. The luncheon is open to those of us who never made the cut. For more details, go to ArkansasBusiness.com/40Lunch.

Gwen Moritz
Editor

Jerry Morgan, 47, joined Focus Bank of Charleston, Missouri, in 2013 as its community bank president for its three branches in the Jonesboro market. Focus Bank has 12 locations in Missouri and Arkansas with total assets of $734.9 million. Before joining Focus Bank, Morgan spent 21 years at Simmons First Bank of Pine Bluff. Morgan is chairman of the Jonesboro Advertising & Promotions Commission.

Morgan earned a bachelor’s degree in finance and an MBA from Arkansas State University in Jonesboro. He was an Arkansas Business 40 Under 40 honoree in 2007.

You worked at a big bank; how is the competition between big vs. community banks since you’ve experienced both?

Many bankers will tell you that the northeast Arkansas market has some of the strongest competition for deposits and loans in the state and even country. As a community bank you just have to try to find your niche in the market and stay focused on what is working for your particular bank.

One advantage as a local bank is we are able to react quicker to decision-making and also changes in the marketplace that might dictate how we need to either deliver our services better or faster. We are also able to adjust our products to market conditions and the needs of our local customers, whereas a much larger bank many times has a “one-size-fits-all” approach to product pricing, delivery methods and processes. In my opinion, this has severely hindered many larger regional banks from really thriving and taking advantage of their economies of scale.

What would you like to see Congress do for community bankers?

Generate tailored regulatory relief that is based on the bank’s size, not a one-size-fits-all approach.

Well-intended regulations have taken the discretion out of the bankers’ hands. Loans that we could have made eight to 10 years ago we can’t approve anymore because the customer doesn’t fit all of the check boxes. This is true for not only mortgage loans but small business and commercial lending. Passing of tailored regulation this session would allow banks to help spur economic growth in our communities.

What are the biggest challenges for a community bank?

The regulatory requirements mentioned above are the biggest challenges for traditional community banks. The cost involved with maintaining the new regulations that have been put in place over the past five to 10 years has strangled many smaller community banks. This has forced them into consolidation mode with the ultimate losers being the communities they serve.

Why are community banks still an important part of the financial landscape?

Community banks continue to be the lifeblood of many smaller and rural towns across America and especially in Arkansas. With most civic or charity organizations, you will probably find local banks and bankers being the anchor to their success. We continue to give not only the donations to fund these organizations but, more importantly, the manpower to help them succeed. We are fortunate that many bankers in the larger banks across Arkansas began in much smaller organizations. Most have continued this tradition of giving back regardless of the size of their organizations, and the state as a whole continues to benefit.

What have you learned in the decade since you were a 40 Under 40 honoree?

Wow, when it is termed a “decade,” it makes me feel really old. The biggest career lesson is that you just have to love what you are doing. If you don’t enjoy your job then you can’t be passionate about it. I have also learned that there has to be a balance between work and your family life. This is an area that I constantly battle, but I try my best to maintain that balance.

A 72-unit townhome project in Maumelle tipped the scales at $4.4 million.

AHBI Windsor Park LLC, led by James Kincannon, purchased its namesake property at 2 Windsor Drive. The seller is Windsor Park Maumelle LLC, led by Hal Crafton.

The deal is financed with a 10-year loan of $3.3 million from CBRE Capital Markets Inc. of Houston, Texas.

The 7.4-acre development previously was tied to an April 2007 mortgage of $3 million originated by Regions Bank of Birmingham, Alabama.

The location was acquired for $300,000 in January 1999 from Capitol Development of Arkansas Inc., led by Michael Todd.

Apartment Land
The site of a future apartment project near the Arkansas River in North Little Rock weighed in at $1.75 million.

Arkopolis Properties LLC, led by Blake Jackson, bought 39.5 acres along River Road east of Paul Duke Drive. The seller is Pine Bluff Sand & Gravel Co., led by Brian McGeorge.

The deal is funded with a one-year loan of $1.7 million from First Security Bank of Searcy.

The property was purchased for $170,000 in January 1974 from the Ben M. Hogan Co.

Automotive Transaction
A used car dealership in Sherwood changed hands in a $1.47 million transaction.

I-40 RV Exchange Holdings LLC, led by Jim Pender, acquired the Evans Motors project at 6701 Warden Road.

The seller is Evans Properties, led by Paul, Darrell and Ralph Evans. The deal is backed with a five-year loan of $1.1 million from Arvest Bank of Fayetteville.

The 4.88-acre development previously was linked with a February 2006 mortgage of $397,500 and an October 2004 mortgage of $660,000 held by Simmons Bank of Pine Bluff.

The property was assembled in three deals with Southern Glass & Mirror Co., led by Charles King, $292,000 in May 2001; PR Properties LLC, led by Paul Minton, $150,000 in January 2002; and Kiehl Holiday Properties Inc., led by Byron McKimmey, $398,000 in March 2006.

Warehouse Sale
A 21,630-SF warehouse in North Little Rock sold for $800,000.

CLD Holdings LLC, led by Kevin Copeland, Larry Young and David Taylor, purchased the Discount Auto Glass project at 4119 Richards Road. The seller is Yes Dear LLC, led by Dale Dues and John Smotrilla.

The deal is financed with a five-year loan of $808,128 from Arvest Bank. The 1.59-acre development previously was tied to a January 2005 mortgage of $960,000 held by North Little Rock’s National Bank of Arkansas.

Yes Dear acquired the property for $960,000 more than 12 years ago from Jacksonville Double R LLC, led by Bradley Blakeway and James W. Rodgers.

Commercial Combo
A 10,302-SF convenience store-retail combo in southwest Little Rock is under new ownership after a $750,000 transaction.

Mustafa Al Maqaleh bought the 13420 Otter Creek Parkway project from E-Z Mart Stores Inc. of Texarkana, Texas.

E-Z Mart Stores purchased the 1.15-acre development for $713,000 in April 2013 from Greatstone Equities Inc. of Dallas.

Multifamily Buy
A 24-unit apartment project in Little Rock rang up a $718,000 sale.

Cozywood Apartments LLC of Toquerville, Utah, acquired the 2301 Scott St. project from Scott Street Apartments LLC, led by Jason Bolden.

The deal is funded with a $592,000 loan from Central Bank of Little Rock.

The 0.99-acre development previously was linked with a December 2012 mortgage of $480,000 held by the bank.

The property was bought for $425,000 more than five years ago from Scott Street Townhouses LLC, led by Ralph Cotham and Mark Reynolds.

Chenal Manor
A 9,326-SF home in west Little Rock’s Chenal Downs neighborhood tipped the scales at $1.75 million.

Rowan Development LLC, led by Jasen Chi, purchased the house from Steve Landers Jr. and his wife, Karmen.

The deal is backed with an 18-month loan of $1.8 million from Southern Bancorp Bank of Arkadelphia.

The residence previously was tied to a December 2011 mortgage of $1.5 million held by Simmons Bank.

The location was acquired for $183,000 in June 2005 from Rick Ferguson Inc.

Greathouse Home
A 3,244-SF home in the Greathouse Bend Estates neighborhood in Pulaski County drew an $835,000 transaction.

Andrew Rogers acquired the house from David and Brandy Hubener. The deal is financed with a 30-year loan of $424,100 from One Bank & Trust of Little Rock.

The residence previously was linked with an October 2006 mortgage of $103,000 held by One Bank and a June 2015 mortgage of $377,035 held by Carroll Mortgage Group Inc. of Little Rock.

The Hubeners purchased the location for $160,000 in June 2005 from Kenneth and Patricia Hastings.

Club House I
A 3,500-SF home near the Country Club of Little Rock changed hands in an $825,000 deal.

Jennifer Dalton bought the house from Davis Fitzhugh. The deal is funded with a one-year loan of $829,528 from First Security Bank.

The property was acquired for $88,000 in September 1988 from Vann Smith.

Prospect Abode
A 3,356-SF home in Little Rock’s Prospect Terrace neighborhood sold for $685,000.

John and Kristin Clark purchased the house from Andrew Rogers. The deal is backed with a 30-year loan of $511,000 from Ark-La-Tex Financial Services LLC of Plano, Texas.

The residence previously was tied to a July 2012 mortgage of $407,000 held by United Wholesale Mortgage of Birmingham, Michigan.

The property was bought for $610,000 in March 2007 from The Furrer Living Trust, led by Rachel Furrer.

PV Residence
A 3,904-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $530,000 transaction.

Brock Whisenhunt Jr. acquired the house from the Lorraine Funk Hannah Revocable Trust. The deal is financed with a 15-year loan of $424,000 from Bank of Little Rock Mortgage Corp.

The Hannah family purchased the site for $11,000 in May 1971 from Pleasant Valley Inc.

Club House II
A 2,169-SF home near the Country Club of Little Rock rang up a $500,000 sale. Nathan and Lauren Steel bought the house from John and Kristin Clark.

The deal is funded with a 30-year loan of $400,000 from Eagle Bank & Trust of Little Rock.

The residence previously was linked with a July 2011 mortgage of $324,400 held by Moore Mortgage Inc. of Little Rock.

The Clarks acquired the property for $406,000 nearly six years ago from Eric and Misty Fox.

Multimillion-Dollar Construction

eStem School $19,800,030
400 Shall Ave., Little Rock
Eco Construction Inc., Little Rock

50 Apartments $3,200,000
Ascent at Aldersgate
1310 Aldersgate Road, Little Rock
Consolidated Construction Inc., Little Rock

Creek Plaza $2,030,000
11312 Bass Pro Parkway, Little Rock
VCC LLC, Little Rock

Mike Preston, the executive director of the Arkansas Economic Development Commission, and Charles Morgan, a longtime leader of the Arkansas technology industry, were the keynote speakers for the final day of the International Economic Development Council's annual Economic Future Forum at the Little Rock Marriott Hotel.

Morgan, the former CEO of Acxiom Corp. of Conway, now leads First Orion Corp. of Little Rock, a startup founded in 2008. First Orion focuses on technology that aims to stop scam phone calls. The company scans about 240 million phone calls a day, trying to root out numbers making scam calls. 

During remarks on Tuesday, Morgan said that some of the customers they work with are caught off guard by the company's Arkansas location.

Morgan said a cell phone carrier executive asked a First Orion staffer where the company was located, at which point the staffer told him Little Rock. "Oh really, come on. No, where are you really?" the executive responded.

"He literally did not believe we were located in Little Rock because he just had the idea that if you weren't on the left coast or the right coast that you couldn't do something like that," Morgan said.

Morgan said he doesn't agree with that line of thinking.

"What I discovered with Acxiom, just like I discovered at First Orion, if you can fund it and you can hire the skills or create the skills, you can build extraordinary tech companies anywhere — anywhere," he said.

First Orion has been keeping up with technology innovations, but policy and education programs have a way to go, Morgan said. 

"Every single job is going to be seriously impacted by this rush of technology," Morgan said. "All this is just saying that we're going to have big problems and if we don't recognize the impact this is going to have on us."

Preston, the executive director of the Arkansas Economic Development Council, spoke after Morgan and shared some of his experiences working with Gov. Asa Hutchinson in attracting foreign investment in Arkansas.

In 2008, the ADEC opened an office in China. After nearly a decade, those efforts are starting to pay off, as companies from the Shandong province have announced plans to invest $1.7 billion dollars in Arkansas in the past 14 months, Preston said.

"As the governor alluded to, it takes time," Preston said. "We've had to be very patient. We've had to court a lot of companies, work a lot of the channels."

Preston offered advice to fellow economic development leaders in the room.

"Don't announce and walk away," he said. "Announcement is still a part of the first step, we'll call it, there's so much more that goes into it. So you announce the project, you cut the ribbon, everyone smiles and it's great. You got a lot of work to do after that — it doesn't end there."

The investing companies will need help with permitting, community engagement, taxes and shipping, among others things, Preston said.

WASHINGTON — Buoyed by higher stock prices, Americans' household net worth rose 1.4 percent to $94.8 trillion in the first three months of this year, a trend that could support future spending.

The Federal Reserve says that U.S. stock and mutual fund portfolios jumped $1.3 trillion in value in the January-March quarter. Home values rose $499 billion.

Total household wealth includes checking and savings accounts, and subtracts mortgages and other debt. Unlike some other economic measures, household wealth has fully recovered from the Great Recession and gone far beyond pre-recession levels.

U.S. household net worth stood at $66.5 trillion at the end of 2007, when the downturn began. It fell to $56 trillion in 2008 before slowly recovering. The figures aren't adjusted for inflation.

(All contents © copyright 2017 Associated Press. All rights reserved.)

WASHINGTON — Long-term U.S. mortgage rates fell this week, as the benchmark 30-year rate declined for the fourth straight week to its lowest level in nearly seven months.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans dropped to 3.89 percent from 3.94 percent last week. The rate stood at 3.60 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages eased to 3.16 percent from 3.19 percent.

Mortgage rates often track the yield on the 10-year Treasury note. Prices for the key bond rose last week, pushing down its yield. The yield was at 2.18 percent Wednesday, down from 2.21 percent a week earlier. It rose back to 2.21 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also head steady at 0.5 point.

Rates on adjustable five-year loans remained at 3.11 percent. The fee rose to 0.5 point from 0.4 point.

(All contents © copyright 2017 Associated Press. All rights reserved.)