Arvest Bank denies its agents signed on behalf of Smiley loans

Arvest Bank has responded to the Benton County Circuit Court in the countersuit filed by First National Bank of Fort Smith, and in the response denies that it had any knowledge whatsoever of a control agreement and letter issued by Chad Evans as executive vice president. 

First National Bank of Fort Smith claimed that it had followed protocol by obtaining a signed control agreement on the collateral being pledged by then Arvest executive Dennis Smiley, for loans being granted by FNB. The signature of Chad Evans, intermediary for Arvest Bank, is present on a letter and the security control agreement for Smiley’s loans with First Nation Bank. 

Arvest also says in the filing that the account number ending in 586 referenced in the letter which was said to contain the assets being pledged for collateral was a fake. Arvest said in the filing there was never any assets in the an account ending in 586.

Lastly, Arvest said the control agreements were signed in the capacity of Arvest Bank — not Arvest Bank Group, the true holder of the stock. Evans is still employed at Arvest Bank, as are two other executives whose signatures appear on collateral pledge forms for loans made to Smiley.

Arvest asked the court to dismiss the suit and require the plaintiffs to cover all the legal costs involved in this proceeding.

SMILEY SR. RESPONSE
Henry Dennis Smiley Sr., the father of Dennis Smiley, also was sued by First National Bank for loans made to HDS Holdings, Smiley senior filed his answer with the court on Monday (May 12). The senior Smiley notes that he did not sign any loan documents with First National Bank of Fort Smith, and that someone signed his name without his knowledge.

The senior Smiley claims he was a victim of fraud in this matter and his counsel asked for a jury trial. He asked the court to dismiss the case against him and HDS Holdings because they knew nothing of the transaction made in their name. First National Bank is owed $50,000 on loans made to HDS Holdings and $144,258 made to Dennis Smiley in 2013.

Simmons First Bank also sued Smiley Sr. for loans it said it made to HDS Holdings beginning in 2008. Simmons loaned and renewed loans to HDS of $85,000 and $30,750. There was a balance owed of $84,816 as of April 11 when Simmons asked the court for a judgment against Smiley Sr. and the HDS Holdings.

The senior Smiley has also filed his answer with court on the Simmons suit. Again Smiley Sr. said he did not sign any paperwork relating to loans for HDS Holdings. He said his name was signed without his knowledge or consent.

Smiley Sr. again claims he was a victim of fraud perpetrated in his name without his will or knowledge. He is asking the court to consider a jury trial, if it choses to proceed forward.