David Banks, Ex-LTC Industry Leader, Dies at 76

David Banks of Fayetteville, former chairman of long-term care giant Beverly Enterprises Inc., has died. He was 76.

Banks, a Harrison native, died Dec. 29 in San Diego, according to his obituary. In 1976, he was appointed to the board of directors of Beverly Enterprises, one of the country’s largest nursing home corporations and formerly headquartered in Fort Smith.

He was elected president in 1979, CEO in 1989 and chairman of the board in 1990, according to the obituary. He retired from Beverly at the end of 2001.

Beverly Enterprises was sold in March 2006 to Fillmore Capital Partners affiliate Pearl Senior Care for $12.50 per share.

The announcement came about a month after Beverly shareholders approved the $1.59 billion deal at a special meeting.

A University of Arkansas graduate, Banks was originally a banking and finance executive for more than a decade until beginning his career in the long-term care industry in the early 1970’s.

He was chairman of the board of Fort Smith-based Leisure Lodges Inc. before joining Beverly, according to his obituary.

A memorial service through Moore’s Chapel of Fayetteville was held Jan. 4 at the Fayetteville High School Performing Arts Center.