FDIC Targets Rogers Development Group

In its role of receiver for the defunct ANB Financial of Bentonville, the Federal Deposit Insurance Corp. has sued hotel developers who allegedly defaulted on a $4.25 million loan that was taken out at the end of 2006.

The XLNC Group of Rogers borrowed the money from the bank to build a Microtel Inn & Suites in Rogers. XLNC’s owners, including Christopher L. Talley, Harkomal Dhaliwal and Harminder Dhaliwal, personally guaranteed the note, according to the FDIC’s lawsuit.

But then the Great Recession hit.

Federal regulators shut ANB in May 2008. In February 2009, XLNC filed for bankruptcy protection, listing $5.4 million in debts and $5.5 million in assets. XLNC was dismissed from bankruptcy in September 2009. The FDIC recovered the hotel, but the debt remained.

The FDIC’s lawsuit, which was filed earlier this month, said XLNC’s loan was in default and as of Nov. 1, $4.22 million was owed on it. It is seeking the money from the owners of XLNC plus court costs and attorney fees.

We couldn’t reach Talley or any of the other owners for comment. If the Talley and Dhaliwal names sound familiar, it might be because Whispers mentioned Chris Talley and Jagtar S. Dhaliwal back in June in connection with a lawsuit in which ANB alleged fraud by its former loan officer, William Burton Hemm.

We can’t say whether Talley and Jagtar Dhaliwal were the unnamed borrowers with whom Hemm allegedly colluded, but they were involved in a sports arena project that matched the description given in ANB’s lawsuit.