NWA bank offers up land as collateral

by Talk Business & Politics ([email protected]) 72 views 

Whispers staff ran across a mortgage that didn’t seem to make sense.

On the surface, it looks like Enterprise Bank & Trust Co. of Clayton, Mo., a St. Louis burb, purchased three properties for $6.2 million each from White River Bancshares Inc., the holding company for Signature Bank of Arkansas.

Come to find out, the public bank did. Sort of.

Gary Head, chairman of White River, said his bank has a line of credit with Enterprise and that the land was offered up as collateral on $18.6 million.

The parcels, including land in the Palisades subdivision in Springdale, land in Farmington and were other real estate owned Signature obtained from Bob Gaddy’s estate.