Dykema’s Borrow $2M on Farm
by June 16, 2008 12:00 am 441 views
What exactly does a CEO do when it looks like his bank might fail?
Open a line of credit, of course.
According to documents filed with the Benton County Circuit Clerk, former ANB Bancshares Inc. chairman and CEO Dan Dykema and his wife Lisa signed a $2 million mortgage for their Honey Creek Land and Cattle LLC on April 15. The mortgage was filed in the office on May 9, the same day the Federal Deposit Insurance Corp. took control of the bank and announced its partial sale to Pulaski Bank and Trust Co.
Records with the Benton County Assessor’s Office show the mortgage is for 529 acres in Benton County that Dykema owned through Honey Creek.
But the irony doesn’t end there.
The note extended to Dykema and his wife was originated by former ANB investor and shareholder Great Southern Bank of Springfield.
The lender has a long history with Dykema and ANB as a stockholder in the bank. No one knows for sure what percent of ANB’s stock holding was held by GSB but we do know that the bank charged off $35 million of stock loans and other loans it had with the bank on March 31.
And if you think Dykema will be resigned to tending cattle now that his tenure in the banking world is over, you would be wrong.
The fiscal year 2006 Annual Report of Bank Holding Companies filed with the Board of Governors of the Federal Reserve System by ANB on Dec. 31, 2006, shows Dykema has 100 percent ownership of Hansar Inc., Honey Creek Land and Cattle LLC, Honey Creek Land and Cattle Inc.; a 50 percent ownership in the Bentonville Butcher Shop LLC; a 33.3 percent ownership in Sierra LLC and 3-Putz LLC and a 25 percent ownership in Commerce Plaza LLC.