Pinnacle Bank Involved in Farmington Land Dispute

A dispute between Pinnacle Bank of Rogers and Rouse Walker Properties Inc. of Fort Smith has found its way to Benton County Circuit Court.

According to a complaint filed Jan. 19, RWP, which does business as Cobblestone Homes, has offered the bank $635,000 for 34.4 acres. The property, just north of Farmington off of Double Springs Road, is an undeveloped subdivision called Windsor.

Dunnerstock Development, led by Mark Foster, originally acquired the land in December 2004 for $823,000. The dormant neighborhood has been a Pinnacle Bank holding since March 2008.

In its complaint, RWP says it executed a contract on June 9 to buy the property. It was to close in September, but on Dec. 9, RWP says it was told by the bank that it was backing out of the deal, with plans instead to sell the land to a third party.

The home builder is seeking a court order for the bank to sell the property, in addition to attorney’s fees.

Rocky Walker, a principal of RWP along with Aaron Wirth, declined to comment on the matter, as did Pinnacle Bank president David Bordovsky.