Gary Combs’ War of Words
by July 27, 2009 12:00 am 74 views
Developer Gary Combs is on a roll after negotiating a foreclosure settlement with Little Rock’s Bank of the Ozarks at the point of a countersuit.
His unhappiness with bankers isn’t limited to Bank of the Ozarks, either. Combs recently tried to take out a full-page ad in the Arkansas Democrat-Gazette that took swings at Little Rock’s Metropolitan National Bank, Harrison’s First Federal Bank and The Bank of Fayetteville.
Combs said the statewide newspaper declined to run the ad after consulting with attorneys.
Is he waging a one-man war of words against lenders on behalf of aggrieved developers in Northwest Arkansas?
“‘All my compadres say they want to do it, but they’re chickens,”’ Combs said. “‘It would be nice to have some support.”’
If his colorful ad copy could be summed up in something approaching tidy, it would be “‘Don’t do business with these guys, and if you have accounts with them, move your money.”’
Combs is in disputes with all three lenders regarding alleged breach of contracts for financing.
“‘There are builders up here who were promised additional funding, and they ripped it out from under us,”’ he said.
Speaking of The Bank of Fayetteville…
Perhaps you heard talk that the bank was undergoing a change of ownership.
Bank officials deny that as does the would-be acquirer: First National Bank of Fort Smith.
“‘We look at opportunities all the time, but that’s not something we’re fixing to announce,”’ said Samuel Sicard, president and CEO of FNB.
For those keeping score at home, here’s what the past three quarters of earnings look like at BOF: $594,000 loss at Sept. 30; $522,000 loss at Dec. 31 and $990,000 profit at March 31.