Arvest Settles with 18 of 20 Smiley Creditors

Arvest Bank has settled with 18 of the 20 lenders that claimed former Arvest-Benton County president and CEO Dennis Smiley owed them money on toxic loans granted to him on the bogus pledge of stock and stock options.

The amount of the settlement, made official July 30 with an order of dismissal by Benton County circuit court judge John R. Scott, has not been disclosed. However, through its interpleader, Arvest deposited $551,754 — the total value of Smiley’s Arvest stock and stock options — into a registry to be divvied up by the creditors.

An indication of the total amount Smiley might have borrowed from the banks is perhaps evident in a February loan from Delta Trust and Bank for $245,126. Over the course of a 20-loan spree dating back to 2009, that’s about $4.9 million. 

Two banks, Fayetteville-based Signature Bank of Arkansas and First State Bank of DeQueen, have not settled with Arvest and are due in court Sept. 18.  

Smiley, a 25-year employee at Arvest, abruptly resigned in March. About a month later, Delta Trust and Bank filed suit seeking payment on a loan given to Smiley in February. For weeks after that, banks began filing claims against Smiley.

A list of banks that settled with Arvest:

Bank of Oklahoma

Bank of Fayetteville

Bank of the Ozarks

Benefit Bank

Chambers Bank

Centennial Bank

Delta Trust and Bank

First Bank

First Federal Bank

First National Bank of Fort Smith

Integrity First Bank

First Security Bank

First State Bank of Lonoke

First State Bank of NWA

First State Bank of Russellville

First Western Bank

Legacy National Bank

Summit Bank