Lehman Properties Files Bankruptcy
by February 23, 2009 12:00 am 78 views
Rogers developer Carmen Lehman filed for Chapter 11 bankruptcy protection under her C.R. Lehman Properties LP on Feb. 13.
According to the bankruptcy paperwork, Lehman Properties declared assets between $0 and $50,000 and liabilities between $10 million and $50 million, including a $27.3 million loan with Arvest Bank-Rogers.
Lehman was the developer of the posh Village on the Creeks retail and office park in Rogers, just north of the Pinnacle Point developments.
Rob Brothers, president of Arvest’s Rogers market, said that the loan is secured by the property at Village on the Creeks and that an updated bankruptcy filing is pending.
As for the hit to Arvest’s bottom line, Brothers said the loan represents “four-tenths of 1 percent” of the bank’s total loan portfolio.
“We have a proactive evaluation on an ongoing basis of our loan portfolio and make proper provision for losses as we see them,” he said.
According to call reports posted by the Federal Financial Institutions Examination Council, Arvest closed 2008 with $10.2 billion in assets and net income of $82.4 million.
Lehman did not respond to a request for comment.