Did you know the construction lender on Scott Reed’s comatose K Lofts project in downtown Little Rock recently launched a foreclosure action?

IberiaBank of Lafayette, Louisiana, sued to recover more than $1.4 million owed on an original June 2013 loan of $1.3 million to the ne’er-do-well developer.

Reed of Portland, Oregon, and Brian Corbell of Los Angeles both personally guaranteed the debt of their K Lofts LLC.

According to the bank’s complaint, the borrowers triggered a default by failing to maintain the debt-service ratio, failing to timely complete construction, ceasing construction and more.

The renovated 115-year-old building at 315 Main St. in downtown Little Rock stands mostly vacant, with apartments in a mostly complete state of limbo.

The contractor on the project, Little Rock’s AMR Construction LLC, pulled off the job after April Fools’ Day 2015. The company has a lien claim of $196,440 divided between two contracts.

More than $143,700 is owed on the original $2.1 million contract to redevelop the upper floors of the once-dilapidated five-story building into 32 apartments.

More than $52,600 is owed on an $825,300 contract to repair a partial collapse of the east wall in 2013.

You may recall that AMR filed its own foreclosure suit earlier this year to keep its lien claim in force on K Lofts. At last report, this dispute is headed toward contractually mandated arbitration.

A few weeks shy of the sixth anniversary of trumpeting his K Loft plans, Reed has yet to deliver any completed projects among several failed attempts in Little Rock.

Take a minute and think about this question: What characteristics do you want in people entrusted with your loved ones?

How about the teacher who is responsible for shaping the mind and character of your child for eight hours a day, nine months out of the year? Or the nurse who spends morning, noon and night beside your aging parent’s bed, helping them get dressed, feeding them every meal and making sure they are well cared for?

Good values?

Informed and knowledgeable about their field?

Passionate about the job they do?

You see when it’s our family — our heart connection — we expect those whose jobs it is to help the ones we love to have exceptional values, be extremely knowledgeable about their "expertise" in a subject and to exude passion and energy, which shows that they love what they do every day and their job is much more than a paycheck.

In my 25-year, international career at Caterpillar, I found that these same three principles (hiring and retaining values-driven, informed and passionate people) are the key to true, sustainable success in an organization.

As a leader, you serve in a crucial role that shapes the culture and success of the organization, and your front-line people are the company’s most important resource. They are the “teachers” and “nurses” who we expect to give exceptional care and service to our loved ones.

Gallup’s “State of the Global Workplace” study shows that less than 30 percent of employees are “engaged” and are truly “connected” to their company and are making positive contributions. The majority of workers — more than 70 percent — are disengaged and are essentially “checked out” and are “coasting.” They’re either sleepwalking through their workday, putting time, but not energy or passion into their work or are acting out their unhappiness and are “toxic” to the organization.

How does this play out in terms of business results? What about in quality of life?

People spend the majority of their lives at their workplace. As a result, the work environment has an incredible impact on their lives outside of the office — as parents, spouses and citizens.

Leaders must recognize that their most important job responsibility is investing in their people.

The often overlooked and underappreciated “front line” people can achieve amazing results if their leaders care for them, invest in them, and then hold them to high expectations. When your people know that the organization cares about them, not just in terms of what they deliver to the bottom line, but as human beings, when they see the organization investing in them through training and development, and they experience the organization holding them to high expectations, amazing things happen. In this work culture, your people will return the favor and care deeply about your organization (and not just about their paychecks), leading to significantly improved business results. Society will also benefit because people in these environments will become better parents, spouses and citizens as a result of reinforced values, increased dignity and a new sense of purpose.

So, in this era of cynicism and self-centeredness — especially in business — we encourage you to be wildly different and transform your organization into one of true values and ethics, unbridled passion and energy, and one with a sense of purpose that will attract the “best of the best” employees and passionate customers/clients who will line up in droves to be associated with an organization ... like yours.

About Jon Harrison

At the peak of a successful 25-year career at Caterpillar Inc. (including director-level positions in Australia, Japan, and most recently, as general manager for their new, world-class manufacturing facility in North Little Rock), Jon left corporate America to follow his calling of serving people that are often overlooked and underappreciated. 

This transition from a career focused on “success” to one that focuses on “significance” was an easy one for Jon as the common theme during his career at Caterpillar was his passion for people. Jon is known as a leader who places special attention on the “front-line” team members who are often ignored in many organizations. Driven from this passion, Jon founded his own company, VIP2, (Values-driven, Informed, Passionate People). VIP2, through several avenues, assists organizations with this critical journey, resulting in successful organizations and transformed lives. 

Jon holds a Bachelors of Science degree in Business Economics from the Kelley School of Business at Indiana University, and is a graduate of the Advanced Management Program at Duke University. 

WASHINGTON — U.S. banks' earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Arvest Bank announced Thursday the promotion of Jim Cargill to president and CEO for the bank's central Arkansas market.

Cargill currently is president and sales manager for the market, where he is responsible for retail and consumer banking operations. He will succeed CEO John Womack, who will retire on Sept. 30.

In his new role, Cargill will be responsible for all aspects of banking operations and strategic direction for Arvest in central Arkansas, which includes more than 450 employees and 32 banking locations.

"Jim has been part of our growing company for more than 30 years and has greatly contributed to the success of Arvest by ensuring we deliver customer-focused banking, provide customers with convenient and comprehensive financial solutions and stay on the cutting-edge of emerging new technologies in our industry," Womack said in a news release. "I'm excited for Jim to take over leadership of the great team here in central Arkansas and look forward to the continued success he will foster for our customers and our communities."

Womack joined Arvest in 1999 and served for 11 years as president of the bank's Fort Smith market before being named CEO of the central Arkansas territory.

Cargill is a native of Lewisville (Lafayette County) and a fourth-generation banker who began his career at his family's bank, First National Bank in Lewisville.

He has held a number of leadership roles during his career with Arvest and has worked in Rogers, Bentonville and Little Rock. He serves on the board of the Arkansas Bankers Association, the University of Arkansas at Little Rock Foundation, Our House and the Little Rock Regional Chamber of Commerce. He is a member of the Rotary Club of Little Rock.

Acxiom Corp. of Little Rock on Thursday announced that it has completed the sale of its Impact email business to Zeta Interactive of New York City for $22 million. 

The publicly traded data services company (Nasdaq: ACXM) first reported its intention to sell the email business for that amount in first-quarter results filed Aug. 4 with the Securities & Exchange Commission.

Acxiom also said in the report that it intended to enter into a separate multi-year contract to provide Zeta Interactive with services from its connectivity and audience solutions segments.

On Thursday, the company said it would use proceeds from the sale to buy back more shares of stock. Its board of directors has increased the share repurchase authorization by $100 million to $400 million and extended the program through June 30, 2018.

Zeta Interactive was founded by David A. Steinberg and John Sculley, a former CEO of Apple Inc. and PepsiCo.

LITTLE ROCK - Arkansas finance officials say the state's revenue in August fell below expectations and below the same month last year.

The Department of Finance and Administration on Friday said last month's net available revenue totaled $416.1 million, which is $5.2 million below August 2015 and $8.4 million below forecast. The state's net available revenue for the fiscal year that began July 1 totals $816.8 million, which is $3.8 million below the same point last year and $15.3 million below forecast

DFA said sales tax collections in August were below the same month last year and forecast, due partly to one-time audit payments received last year. Last month's individual income and corporate tax collections were also below the August 2015 figures and the forecast.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

John W. Ahlen IV joined the Arkansas State Bank Department as bank chief counsel Aug. 29. In his new position, Ahlen will be responsible for preparing case strategy and serving as an expert litigator before federal and state courts and agencies. He also will be the bank commissioner’s chief legal adviser on all banking issues, including the drafting of legislation and Bank Department rules and regulations.

Ahlen began his career as a project assistant with the law firm Wilmer Cutler Pickering Hale & Dorr LLP in Washington. He returned to Arkansas and went on to serve as assistant parliamentarian and legislative analyst for the Arkansas House of Representatives. Most recently, Ahlen was general counsel for the state auditor, joining that office in 2015. Ahlen is a member of the Arkansas Bar Association and serves on the ABA’s Governance Committee and Uniform Laws Committee.

Ahlen received a bachelor’s degree in history, with an emphasis on politics, from Hendrix College in 1998. He received his Juris Doctor from the William H. Bowen School of Law at the University of Arkansas at Little Rock in 2014.

Cal Rose has joined the Rogers office of Wright Lindsey & Jennings as an associate attorney advising clients on business and tax-related issues. The Blytheville native has three years of experience with another northwest Arkansas law firm.

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

Eight women and a congregation of Catholic nuns were the second class of inductees honored by the Arkansas Women’s Hall of Fame at a banquet in Little Rock on Aug. 25.

The nonprofit Hall of Fame was incorporated in 2014 as a joint project of the North Little Rock Chamber of Commerce and Arkansas Business Publishing Group, and major sponsors of the event include Centennial Bank of Conway, BMW of Little Rock and Eagle Bank, also of Little Rock.

Nominations for the 2017 class of inductees are being accepted online at ARWomensHallOfFame.com. See profiles and biographies of this year's class at ArkansasBusiness.com/AWOF.

Little Rock’s Heartland Bank avoided major fallout from overzealous real estate lending by operating with a different business model. More than five years down the road from the bursting real estate bubble, Heartland and its largest shareholder were battered by loans related to another sector: oil and gas.

Both Heartland and Walter Quinn, lead shareholder in the $227 million-asset bank, drew regulatory concerns in the management of problem loans.

During an examination last year, questions were raised about Quinn’s involvement with a reworking of off-book problem loans mixed with new loans.

At the end of a complicated series of transactions, the bank was no better or worse. However, Quinn’s financial position was improved when the bank could have benefited.

Just as Heartland Bank was contending with issues of asset quality and risk management, so too was Quinn in his own business dealings. Were his personal financial issues interfering with his fiduciary duties?

Quinn didn’t want to talk about the specifics of transactions involving Chris Robertson, now a 6.7 percent stakeholder in Heartland, but did regarding his efforts to help the bank deal with problem loans.

“We did improve the bank by taking some loans out of the bank,” Quinn said. “I can’t speak for the regulators, but I would think they would view that as a positive.”

Last year, Quinn stepped down as a bank director and as chairman, president and CEO of Heartland’s parent company, Rock Bancshares Inc.

“I’m on a leave of absence,” he said. “I’m just dealing with my personal investments. My interest is getting Rock Bancshares and Heartland back on track. I’m doing what I can to help at the bank and working on some of my business situations.”

Those situations include a $4.9 million consent judgment in November against Quinn and a string of his ventures tied to his loan default with Prosperity Bank of El Campo, Texas.

That was followed this year by a $585,000 default judgment against him on a corporate jet loan held by Bear State Bank of Little Rock and a lender-mandated for-sale sign on his $5.7 million vacation home in Colorado.

Quinn declined to elaborate on where things stand in efforts to restore order to his financial world. But the 54-year-old Little Rock businessman is open to talking about where the bank has been and where it is going.

“We want to get back to normalcy, and I don’t see why we can’t do that,” he said.

Quinn was in the forefront of new ownership that used a stronger mix of higher yielding commercial loans to transform what was an underperforming, publicly traded thrift in 2004 into a profitable, privately held niche bank.

“Commercial lending, not real estate lending, that was the foundation of the bank and where we wanted to take it,” said Quinn, the man most identified with Heartland Bank. “We were doing a really nice job on that until we had some exposure on the energy side.”

Investors enjoyed a “three times return on their money over a 10-year period,” by his reckoning.

“That’s something I’m proud of,” Quinn said. “I don’t know whenever we’ll be able to get back to that. It depends on how circumstances play out in the next months.”

His fortunes and those of Heartland Bank avoided a severe battering from real estate, but they shared in a beat-down linked to plummeting oil and gas prices.

Quinn and the bank both felt the sting of West Texas Intermediate Crude plummeting from more than $100 a barrel during 2014 to below $30 in mid-January.

“At the end of the day, it’s all about generating the cash flow to support the loan,” Quinn said. “The [regulatory] guidance of that changed after we already had a portfolio” of oil and gas loans.

During a 24-month swing, Heartland Bank posted its biggest annual profit ever and recorded its smallest annual profit since 1999.

Net income of $7.4 million in 2014 plunged to $234,000 in 2015, with oil and gas loans as a prime variable.

Rock Bancshares is two months into a $3 million private placement stock offering to raise capital to support Heartland Bank.

“This isn’t the first time we raised capital,” Quinn said. “The situation is more the deciding factor in that.”

While past efforts raised money to fund growth, this time the purpose is to replenish capital gashed by loan charge-offs.

The bank boosted its capital from $27 million to $33 million heading into 2015 as the buildup of nonaccrual loans gained momentum.

The first-quarter tally of $3.6 million increased to $4.8 million in the second before jumping to $17.1 million in the third quarter and nearly doubling to $34 million at year-end.

Six months later, nonaccrual loans declined to $29.1 million after more than $5.8 million was charged off. Nearly a tenth of its commercial and industrial loan portfolio was zeroed out, 6.2 percent of Heartland’s overall loan portfolio.

Once the life of the dividend party, oil and gas loans were becoming fiscal buzzkills.

Maintaining its capital base while diversifying its loan portfolio and working through problem loans is the order of the day at Heartland.

“That’s the plan,” Quinn said. “We know what’s required, and we know what we need to do. I’d compare Heartland to a lot of banks that went through the real estate crisis of 2008-10.

“We didn’t have the real estate exposure. But part of where we were expanding our loan portfolio is in the energy sector, and that sector is where the real estate market was in 2008-10.”

In 2013, Rock Bancshares raised $10 million through the sale of capital notes.

The holding company followed that in January 2014 with the purchase of its Little Rock office building at 1 Information Way for $7.1 million from Quinn’s Rock Financial Group LLC.

In turn, Rock Bancshares transferred ownership of the 54,772-SF multi-tenant office building to the bank. The four-story project on the Arkansas River houses a Heartland bank branch.

At one time, Quinn’s stake in Rock Bancshares was as much as 75 percent.

“Over the course of years, I’ve sold some additional interest,” Quinn said.

His ownership position stood at 52.3 percent at year-end 2014, at 48.38 percent at year-end 2015 and less than 45 percent most recently.

Joining Quinn as a leading shareholder in Rock Bancshares these days is Craig Benson of Austin, Texas, 17.2 percent.

Last year, Benson stepped into the position held by Dr. Mark van Overbeek of Incline Village, Nevada, who previously held a 17.3 percent stake in the holding company.

Benson also replaced Overbeek as a Rock Bancshares director after he resigned on June 12 from the holding company and as chairman of Heartland Bank.

Judy Lawton, Heartland’s chief operating officer, was named president of the bank and the holding company as part of the board reshuffling.

Heartland Highlights

Total Assets: $227.1 million    Dividends: $500,000     Loans: $180 million    Net Income: $530,000
Tier One Equity Capital: $25.7 million    Full-Service Locations: 5*     Staff: 40
(As of June 30)

*Little Rock, 2; and one each in Bryant, Fordyce and Sheridan.

All dollars in thousands.
Source: Federal Deposit Insurance Corp.

The knottiest white-collar criminal case in recent memory should finally go to trial next month, but only half of the original defendants will face the jury.

“Unless they drop the charges,” defense attorney Lloyd W. “Tré” Kitchens III said last week.

And he said there’s no reason to think federal prosecutors are preparing to dismiss the charges against Michael Heald and Kitchens’ client Brad Paul, two of the four One Bank executives who were named in a March 2015 indictment.

After accepting co-defendant Gary Rickenbach’s second attempt to plead guilty to a reduced charge in July, U.S. District Judge Kristine Baker recently set an Oct. 11 trial date for Heald and Paul.

No date has been set for sentencing Rickenbach.

Rickenbach, for those needing a scorecard, was executive vice president and then senior executive vice president of One Bank when it was under the control of its owner, the late Layton “Scooter” Stuart. He facilitated a $1.5 million loan to a Canadian resident of Florida, Alberto Solaroli, in whose automotive technology company Rickenbach had invested.

Solaroli misrepresented his net worth to the tune of $170 million and never made a single payment on the 2007 loan, and for that he is currently a guest of the federal Bureau of Prisons. Rickenbach, Stuart and the others scrambled to fix the balance sheet through a series of replacement loans that were ultimately repaid, in the fall of 2012, through the sale of real estate that Stuart owned outright.

That happy ending notwithstanding, the cover-up of the Solaroli default — which Rickenbach said he orchestrated with Stuart’s cooperation — was happening in 2008 and 2009. And that coincided with a successful application for federal TARP capital for One Bank’s holding company, One Financial Corp.

In Previous Episodes …

In April 2014, 13 months after Stuart died, Rickenbach was charged with two counts, conspiracy and money laundering, in a case that the special inspector general for the TARP program described as TARP fraud. Rickenbach was eventually charged with five more felonies, including bank fraud and aiding and abetting false entries. In November — eight months after Heald, Paul and Tom Whitehead were added to the indictment — Rickenbach offered to plead guilty to a single count of misprision (that is, failing to report a crime) if he could be guaranteed a probation-only sentence.

Baker finally rejected Rickenbach’s plea offer in July but accepted a plea agreement that suggests a prison sentence of 12-18 months under federal sentencing guidelines. (The judge can “depart” from the guideline range.)

At the U.S. attorney’s request, Baker dismissed the four counts against Whitehead in December. Whitehead’s attorney, Charles D. Matthews of Hot Springs, confirmed at the time that his client had agreed to testify against Heald and Paul, and federal prosecutors have revealed that they also expect to call Rickenbach as a witness.

Heald, who is represented by Gary Corum, will be tried on four charges, one each of conspiracy and money laundering and two of aiding and abetting false entries.

Paul faces the same charges, plus one more count of abetting a false entry. And his lawyer, Kitchens, points out that bank regulators — with full knowledge of the indictment — have allowed Paul to continue working in the industry as a commercial lender for Community First Bank of Harrison (which is being acquired by publicly traded Equity Bancshares Inc. of Wichita, Kansas).

First National Bank of Paragould on Tuesday announced the start of construction on an expansion to its existing branch at 3500 E. Johnson Ave. in Jonesboro. The bank said it expects the project to be completed in the first quarter of 2018.

The bank said construction would not disrupt services offered at its Hilltop Office.

The five-story, 60,000-SF First National Financial Park will be the lead office for FNB’s Craighead County operation. Plans include a community room on the first level and an outdoor terrace; walking paths around a water feature; a large customer parking area; and underground parking for about 50 vehicles.

The bank said the facility will be large enough to provide for future expansion and commercial leasing opportunities.

The bank had $1.09 billion in assets as of June 30 and was the 11th largest bank chartered in Arkansas as measured by assets. It has 14 offices; the branch on Johnson Avenue is 18 years old.  

Citizens Bank of Batesville this week added two to its marketing team.

Don Hale, formerly of the Diamond Agency of El Dorado, has joined the company as senior vice president of marketing. Tim Byers, who has worked for companies including Acxiom Corp. of Little Rock and Merkle Inc. of Baltimore, has joined as vice president of marketing. 

"As Citizens Bank continues to expand, we recognize the importance of developing a strategic marketing team," CEO Phil Baldwin said in a news release. "We are committed to growing our base and increasing our visibility in the markets we serve. This includes utilizing technology to reach new customers and maximizing our reach with traditional media. We believe the addition of these two key positions will allow us to market our products and services at the highest level."

Hale launched the Diamond Agency, a marketing and public relations firm, in 1996. Hale has served on the Arkansas Educational Television Commission, the South Arkansas Development Council, the El Dorado Chamber of Commerce, Main Street El Dorado and the El Dorado Rotary Club.

Byers, a Batesville native, has a decade of experience in digital marketing, analytics and project management. He has worked on projects with clients such as Abercrombie & Fitch, Under Armour, Eddie Bauer and General Motors.

Citizens Bank was founded in 1953. It has more than 150 employees and nearly $770 million in assets. The bank plans to break ground next year on a new five-story headquarters in Batesville.

Startups can now apply through Oct. 31 to participate in the Venture Center’s 2017 FinTech Accelerator, which has been extended until 2018 to the tune of $2 million.

Apply here.

The program is being funded with $500,000 each from global banking technology services provider FIS of Jacksonville, Florida, and Arkansas discretionary funds.

The 2017 program will begin Feb. 21, a kick-off open to the public is set for Feb. 23 and a demo day is scheduled for May 11.

The Arkansas Department of Parks & Tourism and Arvest Bank have collaborated on eight limited-edition debit cards that showcase some of the state's most scenic and popular attractions.

Jim Cargill, president and incoming CEO of Arvest Central Arkansas, and Kane Webb, Arkansas Parks & Tourism director, unveiled the designs on Wednesday at the state Capitol.

The cards are available to the bank's customers from any location in Arkansas, Kansas, Missouri and Oklahoma through June 30. They are free to new customers or can be purchased for $7.50 to replace an existing card.

Images featured on the cards are Blanchard Springs Caverns, the Buffalo National River, Crystal Bridges Museum of American Art, Lake Chicot State Park, Lake Ouachita, Petit Jean State Park, The Ridges at Village Creek and Whitaker Point near Boxley. See the designs here. 

Starting a small business is no easy feat for a multitude of reasons, and one of the largest hurdles for many entrepreneurs is securing funding. The 2016 Kauffman Index of Startup Activity is a comprehensive indicator of new business creation in the United States and shows start-up activity continues to gain momentum in 2016, following the upward trend that began last year. In short, the latest recession is behind us, new business activity continues to grow and these new ventures need funding. Your local bank can be a great resource to help finalize your business plan, and put you on the road to securing the money you need. Arvest Bank shares three things entrepreneurs need to stand out to potential lenders.

1. A thorough, realistic, business plan

A business plan is a crucial part of an entrepreneur’s lending ask, and banks will want to see a comprehensive plan for the creation, operation and success of the business. An industry analysis is needed to determine if a prospective company is in tune with the needs of the area and if there is enough market share available to be profitable.

The business plan should also include a market analysis of the prospective customers and their spending habits. Also, who are the competitors in the market and what is your business' point of difference that will enable you to be competitive?

2. Honest financial projections

Realistic financial projections are a necessary point that banks will review intently. Your financial projections should not be inflated beyond industry averages. Bankers will easily recognize this “stretching” of the financials, and would rather see that you are realistic about the time and commitment needed to grow a business. A good place to start is to assess industry standards and see how your company would compare to the current performance of businesses already in operation. In addition to profit and loss projections, banks will want to see a plan for anticipated cash flow, as timing and delays play a big role in managing the finances of an organization.

Financial institutions may also prefer that you list a secondary source of repayment in the event that your business does struggle financially. Banks have to protect their assets with every loan, so proof of savings, collateral or a strong guarantor will strengthen your request for funds.

3. Stakeholders and business resources

When a plan is under review, proof that the entrepreneur has stakeholders who know the business, and resources to guide them, is extremely beneficial. Providing a lender profiles of the business partners, investors, and management team to ensure that the business is in the hands of people with a history of successful experience can also be an advantage. Listing resources such as the Arkansas Small Business and Technology Development Center at UALR also demonstrates to lenders that you have done research and know where to turn for guidance as you grow your business.

Entrepreneurs should know their industry, create a detailed plan for reaching their targets, outline the financial plan for success and have a team of players ready to work to make it all happen. Banks and lenders want to see their small business clients thrive, and will work with them to make sure the outcomes are successful for everyone.

The University of Arkansas System board of trustees on Thursday gave final approval to a $160 million expansion of Donald W. Reynolds Razorback Stadium in Fayetteville.

The board voted to approve $120 million in bonds for the project, which would increase the stadium's seating capacity from 72,000 to about 77,000. The expansion would be complete in time for the 2018 football season.

Trustees David Pryor of Little Rock and C.C. "Cliff" Gibson III of Monticello voted against the expansion. 

Pryor, a former U.S. Senator and Arkansas governor, has been a vocal critic of the plan. Before a previous vote related to the project in June, Pryor said the expansion amounts to a "monumental commitment of resources" that, in effect, puts the stadium expansion — and not its students — as the university's highest priority. He cited the "nuclear arms race of college football" and said the expansion "defies common sense and fairness."

The project also drew opposition from Tyson Foods Inc. Chairman John Tyson and four other former UA trustees, who questioned the expansion in an op-ed published this summer by the Northwest Arkansas Democrat-Gazette.

According to The Associated Press, during a committee meeting Wednesday, Pryor questioned how the bonds would be paid if the football team should "lose three or four games" and fans stop attending. Athletic Director Jeff Long said fans have shown strong support even during less than successful seasons.

In addition to approving the bonds, the board this week voted to retain Mitchell Williams Selig Gates & Woodyard PLLC of Little Rock as bond counsel; Stephens Inc. and Crews & Associates Inc., both of Little Rock, as co-senior managing underwriters; and Raymond James & Co. Inc. of St. Petersburg, Florida, and J.P. Morgan Securities LLC of New York, as co-managers for the bond sale.

More: Download the resolutions: The bond issue | underwriters | counsel

The UA board in January approved preliminary work on the project, which will redesign the north end zone, including the Frank Broyles Athletic Center, adding seating that includes club seats and lodge boxes. In April, the board approved CDI Contractors LLC of Little Rock as the project's general contractor.

In a proposal (PDF) approved by the board in June, the athletic department outlined how it will fund the expansion:

• $10 million from the athletic department for design and pre-construction.
• $10 million in unrestricted reserves from the Razorback Foundation.
• $20 million in donation commitments for new suites at the stadium, delivered via the foundation.
• $120 million bond issue, amortized over 20 years "entirely from athletic revenues." 

Three new clients have hired the Sells Agency of Little Rock to lead their research and marketing efforts, including two local residential developments and an Indiana bank that is one of the oldest national banks in the United States.

First Financial Bank, based in Terre Haute, chose the Sells firm over two national agencies specializing in bank marketing, according to Mike Sells, the Little Rock firm’s CEO. 

"They had a difficult decision to make," he said. "We are just happy to have been selected to work with them. A great organization, a great history and really outstanding people."

The $3 billion bank describes itself as the country's fifth oldest national bank, with 69 banking centers in Indiana and Illinois. It was named one of the top 50 publicly traded banks last year by Bank Director magazine.

The firm also picked up business from Rockwater Village, a "traditional neighborhood development" along the Arkansas River in North Little Rock, and the River Market Tower, developed by Moses Tucker Real Estate, an upscale condominium high-rise at Third and Rock streets in Little Rock.

"Rockwater Village is a neighborhood located on the river just west of Argenta in North Little Rock," Sells said. "We just launched their new website and announced that they have been chosen as Arkansas' first Southern Living Inspired Community."

River Market Tower, he said, offers expansive views of Little Rock and the river, along with private parking, balconies and a prime location within walking distance of downtown shops, restaurants and entertainment venues.

"We're honored to be selected to work on both new and developing projects, as well as the opportunity to work with an institution that has been part of the financial industry for almost two centuries," Sells said.

Simmons First National Corp. of Pine Bluff said Friday that it has completed its previously announced acquisition of Citizens National Bank of Athens, Tennessee.

The deal, announced in May, was approved by Citizens National Bancorp Inc. shareholders on Thursday, Simmons said in a news release.

In May, Simmons put the value of the deal, which consists of 835,741 shares of Simmons' common stock and $40.3 million in cash, at $77 million

"Citizens has a long tradition of providing exemplary banking services to its customers," Simmons First Chairman and CEO George Makris said. "We plan on continuing its commitment to its customers, associates and communities as we strengthen our presence in east Tennessee. Combined, our organizations can go forward offering enhanced financial services as a premier community banking organization positioned for continued, long-term success."

With the acquisition complete, Simmons (Nasdaq: SFNC) has about $8.1 billion in assets, $5.3 billion in loans, $6.5 billion in deposits and more than 145 locations in Arkansas, Kansas, Missouri and Tennessee.

As of March 31, CNB had assets of $552 million, deposits of $473 million and equity capital of $63.5 million. It earned $6.4 million in 2015, for a return on assets of 1.21 percent, and $4.7 million in 2014 (0.9 percent).

Athens is between Chattanooga and Knoxville, and Citizen National's nine branches are all in that corridor, which will expand Simmons' footprint further east.

Simmons currently has 37 Tennessee branches, the result of the 2015 acquisition of First State Bank of Union City, but only one is in Knoxville.

Citizens will temporarily remain a separate bank and continue its operations as a subsidiary of Simmons First National Corp. until merged into Simmons Bank. The merger and system conversion is scheduled for Oct. 21.  

The company said Citizens President Jack B. Allen will join Simmons Bank as community president of east Tennessee.

Joe Ruddell has been promoted to northwest Arkansas regional president of Generations Bank, and Bryn Bagwell has been hired as president of the Fayetteville market.

Ruddell previously worked at Arvest Bank in Benton County before joining Generations Bank of Hampton (formerly First Bank) as Washington County market president in 2014.

Bagwell most recently worked for Arvest Bank in northwest Arkansas and she previously worked at Farmer’s Bank & Trust in Magnolia.

Generations Bank has also promoted Mendee Marinoni to vice president and market specialist in Fayetteville. Marinoni has 23 years of banking experience in marketing, mortgage lending and management. She has been with Generations Bank for 10 years.

Bruce Upton has been named a senior vice president and chief technology operations officer at Stone Bank in Mountain View.

Chris Rittelmeyer has joined Simmons Wealth Management as an assistant vice president in the private banking group at Simmons Bank in Fayetteville. He has eight years of banking experience. He most recently worked as a commissioned senior bank examiner for the Arkansas State Bank Department.

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

A 296,000-SF retail project in North Little Rock tipped the scales at $23.15 million.

TPP 303 NLR Plaza LLC, an affiliate of TriGate Capital LLC of Dallas, bought McCain Plaza at 4200 E. McCain Blvd. from DDR Downreit LLC.

The seller is an affiliate of DDR Corp., a publicly traded real estate investment trust based in Beachwood, Ohio.

The deal is financed with a five-year loan of $20.9 million from Bank of America in Charlotte, North Carolina.

DDR Downreit purchased the 27.77-acre development for $18 million in March 1994 from Folmar & Associates of Montgomery, Alabama.

Dollar Deal

A Dollar General store on the northern edge of Maumelle weighed in at $1.06 million.

Matsai Ltd. of Chula Vista, California, acquired the 9,217-SF project at 21300 Hwy. 365 from Yellow Store Holdings LLC, led by Kevin Huchingson.

The deal is funded with a 10-year loan of $636,000 from TruStone Financial Federal Credit Union of Plymouth, Min-nesota.

The 1-acre development previously helped secure a January 2012 mortgage of $3.1 million held by Metropolitan National Bank of Little Rock.

Yellow Store bought the property for $967,000 more than four years ago from PB General Holdings (Morgan) LLC, led by Leonard Boen.

Mobile Duo

Two small mobile home parks in southwest Little Rock changed hands in a $725,000 sale.

Myatt Realty LLC, led by Doyle Johnson, purchased the Community Lane Mobile Home Park at 3824 Community Lane and the Spencer Mobile Home Park at 3412 Coffer Lane.

The seller is CJC2015 LLC, led by Sheila Carroll. The deal is backed with two loans totaling $543,750 from Centennial Bank of Conway.

The 2-acre Coffer Lane property was bought for $100,000 in June 2015 from Richard and Lisa Coppola. The 2.13-acre Community Lane property was acquired for $175,000 in October 2015 from Marabelle Properties LLC, led by J.J. and Jill Childers.

Captain Transaction

A 2,473-SF eatery in North Little Rock is under new ownership after a $569,445 deal.

SCFRC-HW-G LLC, an affiliate of Chambers Street Properties of Princeton, New Jersey, bought the Captain D’s at 5320 JFK Blvd. The seller is CNL APF Partners Ltd., an affiliate of GE Capital of Norwalk, Connecticut.

The 0.83-acre development was purchased for $775,000 in February 2005 from USRP (S&C) LLC, an affiliate of CNL Financial Group Inc. of Orlando, Florida.

Honey of a Deal

A 20,910-SF office-warehouse project in North Little Rock rang up a $420,000 sale.

FHC Properties LLC, led by Jimmy Hutton and Raye Stroope, acquired the facility at 2001 N. Poplar St. and a neighboring 0.32 acres. The seller is Fischer Honey Co., led by Joel Callaway.

The purchase is supported by a 25-year loan of $1.46 million from Regions Bank of Birmingham, Alabama.

The property was assembled largely through deals with Marie Renshaw, $9,000 in May 1998; S.R. and Jewell Garrett, $1,600 in August 1937; and O.E. and Mary Chilson, an undisclosed sum in August 1924.

Furniture Buy

A 10,000-SF retail center in Little Rock drew a $350,000 transaction.

Norris Furniture LLC, led by Brad Norris, purchased the 3900 John Barrow Road project from One Bank & Trust of Little Rock. The deal is financed with a five-year loan of $294,100 from the bank.

One Bank recovered the 1.27-acre development in May 2013 from The Warehouse Partnership, led by Alberta Wilson.

The property was tied to an August 2005 mortgage of $464,400 held by the bank.

Bretagne Manor

A 6,697-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development tipped the scales at $1 million.

The Suzanne Lindsay Bradshaw Revocable Trust bought the house from the Formicola Family Revocable Living Trust, led by Thomas and Cynthia Formicola.

The residence previously was linked with an April 2014 mortgage of $696,000 from Charles Schwab Bank of Reno, Nevada.

The Formicolas purchased the property for $928,000 in November 2014 from the namesake revocable trusts of Audrey and Gerry Riser.

Ridgehaven Residence

A 3,844-SF home in west Little Rock’s Ridgehaven neighborhood sold for $995,000.

Daniel and Autumn Hardin acquired the 4.66-acre wooded spread from Jane McMullin. The deal is funded with a 25-year loan of $750,000 from Regions Bank.

The McMullin family bought the property for $375,000 in August 1992 from James and Billie Tanner.

Kingwood House

A 4,374-SF home in Little Rock’s Kingwood Place neighborhood changed hands in a $695,000 deal.

Christopher and Lea May purchased the house from Richard Peek Sr. and his wife, Bonnie.

The deal is backed with 30-year loans of $417,000 and $139,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a March 2013 mortgage of $100,000 held by Bank of America.

The Peeks acquired the property for $465,000 in December 1992 from Glenda Ensminger and the Charles A. Ensminger Revocable Trust.

Oaks Home

A 4,260-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $565,000 transaction.

The Linda C. Holbert Revocable Trust bought the house from The Emil Trust, led by Senthil and Rhodora Raghavan.

The residence previously was linked with an October 2012 mortgage of $407,440 held by North Little Rock’s National Bank of Arkansas.

The property was purchased for $510,000 nearly four years ago from Kathy and Louis McAlister.

Rural Residence

A 3,528-SF home in west Pulaski County’s River Estates neighborhood rang up a $545,000 sale.

Jaclyn and John Bracey Jr. acquired the house from William and Margaret Cunningham.

The deal is financed with a 30-year loan of $545,000 from SunTrust Mortgage Inc. of Richmond, Virginia.

The residence previously was tied to a March 2009 mortgage of $417,000 held by Bank of Little Rock Mortgage.

The Cunninghams bought the location for $83,000 from West End Partners LLC, led by David Matchet and Leon Smith.

Lamarche Abode

A 4,910-SF home the Lamarche Place neighborhood of west Little Rock’s Chenal Valley development drew a $518,000 transaction.

Christopher and Kimberly Carroll purchased the house from Thomas Manning III and his wife, Nirvana.

The deal is funded with a 30-year loan of $414,000 from Bank of Little Rock Mortgage. The residence previously was linked with August 2010 mortgages of $417,000 and $63,000 held by First Financial Bank of El Dorado.

The Mannings acquired the property for $575,000 in February 2007 from James and Marla Vanwyk.

Seven-Digit Construction

Outpatient Surgery Center    $4,800,000
11220 Executive Center Drive, Little Rock
Mulhearn Wilson Constructors Inc., North Little Rock

Phase I Demolition    $1,202,050
Pinnacle View Middle School
5701 Ranch Drive, Little Rock
Baldwin & Shell Construction Co., Little Rock

Remodeling    $1,000,000
Kroger
1900 N. Polk St., Little Rock
Corco Construction LLC, Little Rock