Arvest Names Rivaldo President and CEO of Arvest-Benton County

Arvest Bank announced Tuesday that Craig Rivaldo has been named as president and CEO of Arvest-Benton County, effective May 1.

Rivaldo has been with Arvest for 27 years, and … “in that time, he has proven himself to have been an effective leader, a trusted decision-maker, and someone who cares deeply about the community he serves,” said Scott Grigsby, a regional executive of Arvest and interim president and CEO in Benton County.

Rivaldo, who is currently president and CEO for Arvest Bank-Fort Smith, will succeed Dennis Smiley, who abruptly resigned from the post in a cloud of controvery on March 13.

According to public records, from 2009 to 2014, Smiley allegedly pledged the same Arvest stock to obtain loans from 19 banks. In February, when the last of the Smiley loans was taken out, he pledged 4,264.33 shares of stock to obtain $245,126 from Delta Trust and Bank. According to a March 25 suit in Benton County, filed by Delta, he and Smiley’s father, Dennis Smiley Sr., took out the loan but failed to make the first scheduled payment in March.

Smiley is also at the center of a second civil suit. Arvest filed an interpleader petition on April 2 in which Arvest asked the court to put the value of Smiley’s stock and stock options — $551,754.58 — into a registry to be divvied up by the 19 creditor banks.

Smiley was appointed to the top spot in Benton County in April 2012, following the retirement of David Short. Smiley joined Arvest in 1989 as a commercial loan officer in Fayetteville and, by the time he ascended to the top of the Benton County market, had more than a decade of experience as CEO of the Arvest Springdale market.