Americans’ confidence in the country’s major institutions remains low, lagging behind historical averages, according to the pollster Gallup.

Confidence in two institutions — newspapers and organized religion — fell to record lows this year, Gallup said. “The overall average of Americans expressing ‘a great deal’ or ‘quite a lot’ of confidence in 14 institutions is below 33% for the third straight year,” said Gallup, which conducted its survey June 1-5.

Gallup said Americans’ confidence in institutions “has remained relatively low since 2007. That year, the average for the 14 institutions Gallup has asked about annually since 1993 dropped to 32% from 38% in 2006. (Gallup began asking about a 15th institution, small business, in 2007.) From 1993 to 2006, the average had been below 38% only once —- in 1994, when it dipped to 36%.”

The institutions experiencing the greatest decline in confidence during the last decade are banks, organized religion, the news media and Congress, Gallup said, which released the results of its poll June 13.

The September failure of the $66.3 million-asset Allied Bank of Mulberry marked the fifth lender in the nation to go under so far this year. Others are:

• The Woodbury Banking Co. of Woodbury, Georgia, in August.
  Total assets: $21.4 million.
• First CornerStone Bank of King of Prussia, Pennsylvania, in May.
  Total assets: $103.3 million.
• Trust Co. Bank of Memphis in April.
  Total assets: $20.7 million.
• North Milwaukee State Bank of Milwaukee in March.
  Total Assets: $67.1 million.

The last Arkansas bank to fail was the $191.8 million-asset First Southern Bank of Batesville in December 2010. The 2005 launch of First Southern marked a third investment in an out-of-market startup by some financial backers.

Investors in First State Bank of Lonoke, Fidelity National Bank of West Memphis and Cross County Bank of Wynne also helped fund Pinnacle Bank and Central Bank.

There are a lot of moving parts to the acquisition equation in the pending merger of Pinnacle Bank of Rogers and Central Bank of Little Rock.

A banking insider best-guess estimate pegs the valuation at about $3.4 million.

That’s the stock-cash consideration to purchase Pinnacle’s parent company, Pinnacle Bancshares Inc. The proposed transaction would create a $206 million-asset Central Bank with a branch in Rogers in addition to a pair of Little Rock locations.

Since opening in February 2007, Central Bank has produced total net income of $2.1 million.

The biggest stain on its nearly 10-year profit picture occurred in 2009 when $5.4 million was added to its provision for loan losses. The move preceded charge-offs of $4.7 million during 2010.

Among its 2010 licks was a $2.5 million participation in a loan secured by stock in First Southern Bank of Batesville that went bust from the Kevin Lewis special improvement district bond fraud scheme.

But back to the pending transaction using $3.4 million as our guide.

The big three Pinnacle shareholders are listed below:

• Thomas Garrison of Fayetteville, 16.07 percent worth $546,000
• The Hugh McClain Trust of Mountain Home, 6.34 percent worth $215,000
• Cross County Bancshares Inc. of Wynne, 5.32 percent worth $180,000.

Other Pinnacle investors include the following:

• Clarence Guinn of Rogers, 3.73 percent worth $126,000
• Alan Sharp of Bentonville, 2.39 percent worth $81,000
• David Estes of Quitman, 2.17 percent worth $73,000
• Bruce Loftin of Springdale, 1.48 percent worth $50,000
• Wade Ruckle of Maumelle, 1.22 percent worth $41,000
• Buddy Vernetti of Bentonville, 1.12 percent worth $38,000.

Common Ownership
Some of those Pinnacle investors also are stakeholders in Central Bank.

The Ruckle family holds a 4.6 percent position. Wade Ruckle is president and CEO of Central Bank.

David Estes, CEO of First State Bank of Lonoke, owns 1.3 percent. The Loftin family has 0.3 percent.

Cross County Bancshares, parent company of Cross County Bank of Wynne, holds a 9.2 percent stake, the biggest of the common owners. Other bank holding companies have a piece of Central Bank too.

• Lonoke Bancshares Inc., parent company of First State Bank, 7.3 percent
• Southeast Financial Bankstock Corp., parent company of McGehee Bank, 4.9 percent
• Carlson Bancshares Inc., parent company of Fidelity National Bank of West Memphis, 2 percent.

Central Bank, Little Rock
Total Assets: $117.8 million
Net Income: $666,000
Equity Capital: $17.8 million
OREO: $644,000
Staff: 14
Locations: Two full-service locations in Little Rock
(As of Sept. 30)

Another party has joined foreclosure litigation against Little Rock businessman Walter Quinn, his wife, Terry, and the Quinn Living Trust.

Malvern National Bank entered the fray to stake its first mortgage claim on the couple’s 7,490-SF home in the Riverview Point neighborhood.

The bank is seeking a $1.2 million judgment on the 2012 loan, which is in default.

Prosperity Bank of El Campo, Texas, started the foreclosure ball rolling in September with its default claim tied to a $4.9 million consent judgment.

That judgment, landed a year ago in Tulsa’s federal court, is connected with a 2013 mortgage secured by the house and a string of Quinn’s business interests.

Both bank debts are personally guaranteed by the Quinns and their Quinn Living Trust, which owns the residence.

The Prosperity debt began as a pair of delinquent loans associated with Walter Quinn’s soured oil and gas investments.

You might recall that Walter Quinn is a leading shareholder in Rock Bancshares Inc., parent company of Little Rock’s $219 million-asset Heartland Bank. He stepped down last year as a bank director and as chairman, president and CEO of Rock Bancshares.

Have you heard talk that Simmons First National Corp. of Pine Bluff is buying the Acxiom Corp. building in downtown Little Rock?

We have.

We also made official inquiries, which were met with neither confirmation nor denial.

One of our operatives reports that Simmons representatives in late October did a final walk-through of the 188,460-SF building at 601 E. Third St.

We can confirm that Simmons has been interested in the 10-story office building with supporting five-story parking deck for some time.

The property marked “For Sale” is still considered the Acxiom headquarters, though most top tier execs office elsewhere.

That’s elsewhere, as in outside of Arkansas.

Another operative wondered if someone else was buying the building and that Simmons staffers were touring the property in connection with financing the deal.

If the year-end time table we’re told is truly in play, the picture should become clearer during the next few weeks.

InVeritas of Little Rock announced Monday that State Commissioner of Revenues Tim Leathers would join them as vice president of consulting on Jan. 1.

Leathers is also deputy director of the Arkansas Department of Finance and Administration.

He will provide strategic guidance and support to the public affairs firm’s clients based on his decades of experience in finance, government and law, according to a news release. InVertitas’ primary practice areas include public relations, management consulting, government relations and market research.

“Tim has served as a loyal and trusted advisor to seven governors in his nearly 40-year career with the state of Arkansas,” CEO Ruth Whitney said. “His extensive experience, contacts and ability to work with individuals on both sides of the aisle will broaden the firm’s practice and reinforce our track record of success.”

Leathers began his career with the DFA in 1977 as a legal assistant and later served as a revenue tax attorney. He was appointed chief counsel in 1982 – a position he held for seven years before being hired as commissioner of revenues.

Leathers has served as deputy director and commissioner of revenues since 1994. He managed 2,500 employees and oversaw the budget, personnel management, accounting, purchasing and revenue offices.

Under his tenure, the state implemented the Arkansas Tax Procedure Act, which provided a standard process for the administration of all state taxes and fair method for taxpayers to comply with tax laws. He is also responsible for the current organizational structure of the DFA.

Leathers earned his bachelor’s degree and Juris Doctor from the University of Arkansas at Little Rock and served as a captain in the U.S. Army Reserve JAG Corps.

Arkansas consumers made large household purchases in the past six months and expect to make more now because they don't expect problems getting credit in the near future, according to the third installment of the fall 2016 Arvest Consumer Sentiment Survey.

This final piece of the survey, conducted in August and released Tuesday, focuses on consumers' attitudes concerning spending, saving and debt.

Of the 1,200 randomly surveyed, 41 percent had made a major household purchase – such as furniture, televisions and refrigerators – in the past six months, up from 39 percent in March. According to the report, 35 percent of respondents also see the next six months as a time to go ahead with large planned purchases.

More: See the full report here.

Kathy Deck, director of the Center for Business and Economic Research in the Sam M. Walton College of Business at the University of Arkansas and lead economist for the survey, said Arkansans set a new high level of optimism in the August survey.

"This is the highest level of purchase expectations since the Arvest Consumer Sentiment Survey began," Deck said. "Current savings rates were down slightly from the previous period, but in line with what consumers have been reporting over the past few years."

For Arkansans planning on acquiring debt in the next six months, the largest percentages were those seeking auto loans and credit cards at 6 percent, both down from 7 percent in March.

"We're seeing a steady spending stream here, as well as healthy plans for future spending," said Jim Cargill, president and CEO of Arvest Bank in central Arkansas. "The purchase plans for many Arkansans reflect financial confidence, in that they are pursuing consumer, auto and mortgage loans."

From March to August, Arkansas consumers' household savings rate decreased from 16.4 percent to 13.4 percent. But the percentage of those planning to increase their savings rate rose from 21 percent to 26 percent.

Forty percent had mortgages in August and 37 percent had auto loans. Those who reported having no outstanding debt were 34 percent — significantly higher than the region as a whole at 28 percent.

Last month, the first part of the results showed that Arkansas' consumer sentiment index was 86.7, the highest since the survey began in spring 2014. And in the beginning of November, the second part of the survey indicated that 42 percent of Arkansans were expecting their financial situations to improve soon. 

LAS VEGAS — A federal court on Tuesday blocked implementation of a rule imposed by President Barack Obama's administration that would have made an estimated 4 million more higher-earning workers across the country eligible for overtime pay starting Dec. 1.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Small-business owners often bring their consumer mindset to running their businesses, particularly in the early years of owning. In many regards this mindset is helpful because businesspeople can more easily think like their customers.

But this mentality can hinder progress when it comes to the idea of leasing. Most entrepreneurs want to own their stuff. That’s why they became business owners. They often think leasing doesn’t make sense for the computers, TVs and furniture in their homes, as well as the cars in their garage, so why would it make sense at their company?

What they don’t realize is that there are many advantages to equipment leasing for small businesses.

One of the most important is that access to capital for expanding or enduring a temporary downturn isn’t tied up in equipment loans. Every business has a limit to the capital it can access. If a new business ties up the majority of its lending limits by purchasing computers, software and other basic tools, then it may not have the ability to expand with another location or new equipment that might improve output or efficiency.

There can also be significant tax benefits to leasing equipment because, in many instances, the lease payments can be fully deductible against current earnings.

In addition, leasing technology-based or enabled equipment is gaining in popularity. A decade ago, most technology equipment had a useful life of five or more years; now, however, the pace of innovation means a computer or computer-driven device may be out of date within three years. If your computer equipment is leased, you will never find yourself with old, outdated equipment and with a limited ability to replace it. This isn’t true only of design firms, engineers and other creative businesses; in today’s world computers drive everything from farm equipment to the most basic manufacturing equipment.

Probably one of the most overlooked benefits of leasing rather than purchasing is what it does to a small business’ balance sheet and what that can mean as the business grows. When you lease equipment, you avoid having too much long-term debt on your balance sheet. Your equipment is part of your regular business expenses, and that’s all. For the new business owner who may think it’s dangerous to have that expense, it usually isn’t much different than the monthly depreciation expense needed for the equipment that was purchased and is now a company asset. Leasing just makes for a more attractive balance sheet, which will be needed when the successful company is ready to grow.

These benefits explain why commercial and industrial equipment leasing has grown faster than traditional bank lending since 2009. More than $1 trillion of investments in business plants, equipment and software were projected to be financed through loans, leases or lines of credit in 2016, according to the Equipment Leasing & Finance Association.

When considering a lease versus a loan there are several factors to consider. With traditionally smaller monthly payments, leasing can be a budget-friendly option if cash flow is tight or unpredictable from quarter to quarter. Leasing typically does not necessitate the same requirements for approval that a traditional loan would. If a large sum for a down payment is a concern, leasing can be a great option.

There are many other things to consider when evaluating whether to pursue a loan or lease to equip a new business, expand an existing business or simply upgrade and replace current equipment. Call your bank or a leasing/finance company so they can help you determine what option is best for your situation and business needs. Don’t discount equipment leasing without fully understanding the possible short- and long-term benefits it can offer.

Marcus Guinn is an executive vice president and loan manager at Arvest Bank in central Arkansas. Email him at MGuinn@Arvest.com. More information on small-business planning and lending is available from the Arvest Business Resource Center at ArvestBiz.com.

Kirby McDonald has been hired as associate attorney in the intake department at Rainwater Holt & Sexton in Little Rock. McDonald is a graduate of the University of Arkansas School of Law at Fayetteville.

Seth Hyder has joined Rainwater Holt & Sexton as an associate attorney focused on personal injury in Little Rock. He has worked in a variety of areas, including general civil litigation, landlord/tenant law, contract negotiation and enforcement, secured transactions, and debtor/creditor relations. Hyder graduated from the Bowen School of Law at the University of Arkansas at Little Rock.

Kirby D. Miraglia, Brandon Middleton and John Jacob Lively have all joined Wright Lindsey & Jennings as associate attorneys in the firm’s Little Rock office.

Miraglia advises individual clients and business owners on estate planning and business succession matters.

Middleton, a registered patent attorney, focuses his practice on intellectual property matters, including patent, trademark and copyright applications for clients ranging from individual entrepreneurs to Fortune 500 companies.

Lively’s practice focuses on breach of contract litigation, banking and commercial lending, creditors rights and collections, and bankruptcy.

Whitney James has been hired as an associate at Spicer Rudstrom PLLC in Little Rock. She was previously an associate at the Wren Law Firm. She will focus on compensation and personal injury law.

James brings nearly 10 years of experience to Spicer Rudstrom, having worked on cases ranging from criminal prosecution to criminal defense, family law, workers’ compensation, Social Security disability and personal injury.

See more of this week's Movers & Shakers, and submit your own announcement at ArkansasBusiness.com/Movers.

John Curreri has been promoted to regional manager at Bank of Arkansas Mortgage in Little Rock.

Curreri will direct the growth and development of the Arkansas region for the division of BOKF, a national bank based in Tulsa.

He previously served as a sales manager in the company’s Little Rock office.

See more of this week's Movers & Shakers, and submit your own announcement at ArkansasBusiness.com/Movers.

The sale of a Jacksonville mobile home park weighed in at $2.6 million.

A group of out-of-state investors acquired Pine Meadow Mobile Home Park at 3000 John Harden Drive from Mas Verde Mobile Home Estates Inc., led by Bryan Keathley.

The investors include Little Rock Communities LLC of Beaufort, South Carolina, and two Santa Barbara, California, entities: 25 West LLC and Kirk Avenue Ltd.

The Keathley family assembled the 26.53-acre site as part of deals totaling more than $16,000 with E.G. and Lena Madden in April 1958, O.D. and Iva Roberts in March 1962, Robert and Katie Latta in September 1962 and Glenn and June Mashburn in August 1964.

Penzel Purchase
A 36-unit apartment project in downtown Little Rock tipped the scales at $1.02 million.

Penzel Place Apartments LLC, led by Letitia Jane East, sold its namesake project at 518 E. Seventh St. to Judy Brown Enterprises LLC.

The deal is financed with a 20-year loan of $816,000 from One Bank & Trust of Little Rock.

The 0.52-acre development previously was tied to an August 2008 mortgage of $760,000 held by Delta Trust & Bank of Little Rock.

The property was acquired for $950,000 more than eight years ago from Penzel Place Partnership, led by Gloria Venable, Jack Grundfest and Sam Strauss Jr.

Downtown Deal
An acre of parking in downtown Little Rock is under new ownership after a $900,000 sale.

Elliot Bay Trading Co. LLC, led by Jimmy Moses, purchased the parking lots at the southwest corner of Sixth and Cumberland streets and on the east side of Scott between Sixth and Seventh streets.

The seller is Vibrant Hospitality LLC, led by Feroz Patel. The deal is backed with a one-year loan of $765,000 from First Security Bank of Searcy.

The property was bought for $699,000 in July 2015 from the Margaret Cook Thaxton Revocable Trust and Joann Edwards.

1620 Sale
The 1620 Savoy restaurant in west Little Rock changed hands in an $850,000 deal.

Petit & Keet LLC, led by James H. Keet and James T. Keet, acquired the 5,700-SF eatery at 1620 Market St. The seller is RH Cuisine LLC, led by Rush Harding III.

The deal is funded with a five-year loan of $850,000 from Relyance Bank of Pine Bluff.

The 0.44-acre development previously was linked with a May 2013 mortgage of $699,000 held by Arvest Bank of Fayetteville.

RH Cuisine purchased the property for $665,000 in April 2013 from the namesake revocable trusts of Frank and Mary Hiegel.

65th Center
A 49,600-SF retail project in south Little Rock rang up a $700,000 sale.

Kim Properties LLC, led by Grace Kim, bought the 5303 W. 65th St. project. The seller is 65th Center Inc., led by Patrick Corder.

The 4.39-acre location was acquired for $85,000 in November 1965 from Bass Enterprises Inc., led by Ben Bass.

Office-Warehouse Buy
A 13,882-SF office-warehouse in Maumelle drew a $638,000 transaction.

601 Carnahan LLC, an affiliate of Little Rock’s Flake & Kelley Commercial, purchased the 601 Carnahan Drive project.

The seller is Warehouse Properties LLC, led by James Dunlap. The 3.39-acre development was bought for $714,000 in August 1999 from North River Land Group LLC, led by Charles Harper.

Laundry Transaction
A 1,863-SF laundromat in downtown Little Rock sold for $500,000.

Matt Foster Investments LLC acquired the Miracle Wash project at 1424 Main St. from Grif-Co LLC, led by Keith Griffin.

The deal is financed with one-year loans of $350,000 from the Campbell Law Firm 401(k) Plan in Little Rock and $200,000 from Mark and Cheryl Nichols.

The 0.47-acre development previously was tied to a November 2008 mortgage of $330,422 held by Little Rock’s Bank of the Ozarks. Grif-Co purchased the property for $329,670 in a November 2008 foreclosure sale.

Jacksonville Ground
Ownership of a 1.46-acre commercial site in Jacksonville was consolidated in a $267,000 deal.

Tommy J. Lasiter Family Ltd. bought the land near the northwest corner of John Harden Drive and Gregory Street from the Irrevocable Trust of Doyle W. Rogers Sr. & Josephine Raye Rogers.

The trust held a two-thirds stake in the property. The deal is backed with a one-year loan of $267,419 from Pamela Ann Lasiter.

The property was acquired in July 2007 for $554,000 from AR Restaurant Development Corp., led by Sharon Hunter.

Edgehill Manor
A 6,844-SF home in Little Rock’s Edgehill neighborhood tipped the scales at $2.67 million.

Mace Properties LLC, led by Harry Erwin III, purchased the house from Stephen LaFrance Jr. and his wife, Wendy.

The LaFrances bought the property for $1.94 million in July 2007 from Jerry and Sue Maulden.

Cameronwood House
A 3,975-SF home in the Cameronwood neighborhood of west Pulaski County changed hands in a $650,000 deal. Jay and Stephanie Southerland acquired the 4.1-acre spread from James Cherry Jr. and his wife, Kim.

The deal is funded with a one-year loan of $520,000 from Bank of Little Rock.

The Cherrys purchased the house for $485,000 in August 2002 from Charles and Rita Benson.

Grandview Residence
A 3,835-SF home in Little Rock’s Grandview neighborhood is under new ownership after a $530,000 transaction.

Leslie and Michael Heister bought the house from Bud Whetstone. The deal is financed with a 30-year loan of $417,000 from Simmons Bank of Pine Bluff.

The residence previously helped secure an August 2015 mortgage of $575,000 held by Bank of the Ozarks.

Whetstone acquired the property for $370,000 in February 1998 from Michael and Charlotte Whitt.

Robinwood Home
A 5,439-SF home in Little Rock’s Robinwood neighborhood rang up a $525,000 sale.

David Choate and Kathryn Kirkpatrick purchased the house from Forty One LLC, led by Wesley Sutton. The deal is backed with a 30-year loan of $417,000 from First Security Bank.

The Sutton family bought the property for $12,000 in February 1967 from Robinwood Inc., led by Clyman Izard Jr.

McKenzie Mortgage
The owners of a 168-unit apartment project in west Pulaski County landed a $13.7 million financial package.

Panther Branch LLC, led by Brandon Huffman, received the 10-year loan from Greystone Servicing Corp. of Warrenton, Virginia.

The nearly 8-acre McKenzie Park development at 14201 Kanis Road previously was linked with an August 2014 mortgage of $14 million held by First Federal Bank of Harrison.

The land was acquired more than two years ago as part of a $1.17 million deal with Alice Perryman.

Landings Funding
A 154-unit complex in west Little Rock was refinanced with a $7.8 million mortgage.

Landings Acquisition LLC, an affiliate of Maxus Properties of North Kansas City, Missouri, obtained the 10-year loan from Northmarq Capital Inc. of Bloomington, Minnesota.

The Landings at Rock Creek at 13200 Chenal Parkway previously was tied to an August 2006 mortgage of $6.25 million held by Northmarq.

Landings Acquisition purchased the 7.39-acre development for $5.4 million in September 2001 from Chicago-based Waterton Rock Ltd., led by Peter Vilim.

The number of accountants and auditors in the United States totaled 1.2 million in May 2015, and their annual mean wage was $75,280, according to the U.S. Bureau of Labor Statistics.

There were 5,680 accountants and auditors employed in Arkansas in May 2015, and their annual mean wage was $62,430.

The information was compiled by the bureau’s Occupational Employment Statistics program and was released on March 30.

The American electorate has just selected a new president in one of the most interesting and important presidential campaigns in American history. Both of the major presidential candidates accused the other of being untrustworthy and not competent to serve as president of the United States.

Thank goodness there’s a group of financial professionals who have the trust of the American people.

CPAs were accorded the highest trust among financial professionals in a 2015 survey by Applied Research & Consulting LLC. The CPA profession also enjoys a high satisfaction rating from business decision-makers, according to another recent survey. Ninety percent of these decision-makers were very or somewhat satisfied with internal CPAs, 93 percent of the decision-makers were very or somewhat satisfied with external CPAs, and 97 percent of investors were very or somewhat satisfied with CPAs in general.

It’s not surprising that CPAs rank so highly among financial professionals when you consider the CPAs Code of Professional Conduct. CPAs are required to be objective and perform services with integrity and to only perform services for which they have the technical competence. If the service is an attest function — i.e., audit or review — the CPA is also required to be independent. CPAs must comply with thousands of pages of accounting, auditing, consulting, code of conduct and other professional standards in providing services to clients.

CPAs working in business are responsible for the accurate recording of financial accounting transactions in the United States. CPAs in public practice are responsible for providing independent opinions concerning the fairness of the presentation of financial statements.

CPAs also provide a host of other types of services, including business valuations, tax services, loss profits, fraud investigations, risk analysis, internal control reviews and other services. All kinds of entities rely on the financial statements prepared by and audited by CPAs: investors, lenders, corporations, partnerships, proprietorships, individuals, vendors, customers and local, state and federal governments.

President Ronald Reagan said we must “trust but verify.” Clients select CPAs they trust. Even though CPAs are required to have 40 hours of continuing professional education courses annually, the profession is also monitored by the Arkansas State Board of Public Accountancy and others to ensure high-quality services are delivered to clients.

Legislation is being proposed in the next session of the Arkansas General Assembly that would hold CPAs in Arkansas to even higher standards. It would require any Arkansas CPA selected to perform attest service to enter a CPA services monitoring system designed to ensure high-quality CPA services and services that meet CPA professional standards.

The monitoring process for CPAs in public practice is referred to as “peer review” or “auditing the auditor.” Arkansas is the only state in the nation that doesn’t require peer review. The Arkansas Society of CPAs and the Arkansas State Board of Public Accountancy have drafted legislation to address this shortfall in our statutes and bring the accounting standards in this state up to the same level as those in the other 49 states. You may contact the Arkansas Society of CPAs at (501) 664-8739 to obtain the bill numbers after the legislative session begins in January.

The CPA profession in Arkansas has developed significantly over the past 100 years. The Arkansas Society of CPAs is celebrating its centennial on Dec. 1. The society began operation on Sept. 11, 1916, with only 10 CPAs. Society membership is over 3,600 today, so it should be easy for Arkansans to find a highly qualified licensed professional CPA.

CPA Jerry Spratt is president of the Arkansas Society of CPAs and is a certified fraud examiner and president and founder of Spratt Financial Forensics Inc. of Maumelle. Email him at SPrattJE@SWBell.net.

Black Friday isn’t what it used to be, but the arrival of the spending season prompts concern about a looming threat to Arkansas consumers: the return of the illegal loan sharks euphemistically known as payday lenders.

Arkansas voters have repeatedly adopted strict usury limits, the current maximum being 17 percent APR. And while it took entirely too long, the Arkansas Supreme Court has also spoken: Predatory lenders can’t circumvent that limit merely by calling the cost of borrowing a fee rather than interest.

Our former attorney general, Dustin McDaniel, aggressively enforced the usury law. But this year, one payday lender has challenged the law, so far with impunity.

CashMax Loan Services opened a storefront in North Little Rock and, in the absence of any action by AG Leslie Rutledge, opened another one in Hope.

CashMax is using a slight variation on the old business plan and, singing the old predatory lender song, claims that various charges and fees are not actually interest under Arkansas law. But it acknowledges that the federal Truth in Lending Act does require it to calculate the annual percentage rate on its typical loans as 260 percent or more.

McDaniel is a Democrat and Rutledge a Republican, but protecting consumers from predatory lenders is not a partisan issue. South Dakota voters, who favored Donald Trump even more heavily than Arkansans, used the same ballot this month to impose a usury cap, and the vote to kill off the payday lending industry in their state was 3 to 1.

CashMax is the proverbial camel’s nose under the tent. If it can get away with charging vulnerable Arkansans a true interest rate in the hundreds, the scourge that took a decade to drive from our state will be back — first as a trickle, then as a flood.

Gateway Bank, formerly know as the Bank of Rison, is in the process of raising $3 million, according to a filing with the U.S. Securities & Exchange Commission.

At the time of the Nov. 3 filing, the Cleveland County bank’s holding company, Sigma Holdings Inc. of Little Rock, had sold $850,000 worth of bank stock.

“We’re putting some capital in the bank,” said Troy Duke, the veteran Little Rock banker who formed Sigma Holdings with Garland County businessman Lewis Ray “L.R.” Gardner to buy the Bank of Rison in 2013. The bank’s name was changed last year. Duke couldn’t comment further on the plans for expansion. But Gateway has recently opened a loan production office in Bryant, which seems like a good location for a branch.

The bank, which was chartered in 1932, had total assets on Sept. 30 of $58.2 million, which was up 37 percent from the same time a year ago. Its net income for the first three quarters of 2016 was $252,000, up almost 10 percent from a year ago.

An attorney for the owners of the 30-story Regions Center in downtown Little Rock said recently that he had no indication that a foreclosure lawsuit was being filed against the property.

“We were having discussions about resolving issues … and then they just decided to file,” said Mark Rubin, a Florida attorney who represents the ownership group. “I can tell you that I’m confident that this building is not going to change hands and this building is not going to be foreclosed on.”

Wells Fargo Bank filed the foreclosure lawsuit in Pulaski County Circuit Court on Nov. 8. It alleged the 32 LLCs with an ownership interest in the building defaulted on the $32 million loan used to buy the property in 2006. As of Nov. 7, according to the bank, the defendants owed $29.6 million.

Wells Fargo has also asked for an emergency hearing for appointment of a receiver. That hearing is scheduled for Jan. 12 in front of Pulaski County Circuit Judge Chris Piazza.

Rubin said that the ownership group has some claims against the building’s lender, but he declined to go into details.

“Sometimes when there’s a dispute in a local market, vultures start to circle and think that there’s money to be made,” Rubin said.

Earlier this year, the 547,000-SF Regions Center was listed for sale with a $40 million asking price. Rubin said earlier this month that the building was no longer for sale.

About two weeks before the foreclosure suit was filed, Rubin told Whispers that the building had had some interest from buyers.

And when asked about a foreclosure lawsuit that might have been in the works, Rubin called it “wild speculation. … Actually, I’m somewhat offended by that because I don’t know why a rumor like that would be circulating.”

Wells Fargo, though, said in its lawsuit that it had sent “multiple notices of default” to the borrowers.

The loan matured on Sept. 1, triggering a default the borrowers failed to cure under provisions of the 2006 funding agreement.

I love what I do and my profession. I work with a great group of team members and we get the opportunity to share our lives with each other while working together in the process of serving our clients, serving each other and serving in our respective communities. We use our talents to assist our clients by helping them to be successful in whatever profession they have been led to, born into or stumbled upon. 

We spend some of our time working alongside our community leaders in giving just a little back to those who helped mold us into who we are, or by making investments in those who are up and coming as we strive to teach them the same drive and determination that have been the forces behind our successes and failures. Yes, that’s right, our failures, because we are not perfect. We do not always get it right the first time. We are searching for balance, that drive, that “want to” that gets us out of bed in the morning to seek out the opportunities of the day.

As an accountant, where does your drive come from? You may say your pocketbook, you may say your family and children, or you might even say the interaction with your teammates or clients. Maybe your drive comes from the satisfaction of a job well done. Wherever your “want to” comes from matters not; what matters is you have it and the CPA profession is grateful you do. You are the elite, those who follow the rules and regulations of your profession, those who go the extra mile in educating themselves in new FASBs and tax laws that are continually being added, changed and deleted.

Being accountable for the work you put before your client and the public is what separates you from those who provide the same type of services but have no accountability, those who have not achieved success in the education and training required to pass the CPA exam. You do the best you can so your client gets a product of high quality that you can be proud of and to which you can be held accountable. So thank you for choosing your profession and understanding the importance of what it means to be a certified public accountant.

For us accountants, tax season is now (actually it never ends). We are advising clients with the important issues that need to be resolved before the end of the year. How we plan the next several weeks will definitely effect April 17, 2017. So with the unofficial kickoff of tax season, I challenge you. Find your “want to,” find out what drives you, what makes you want to jump out of bed in the morning and seize the day. I am proud of our profession and of those that are driven each and every day on the quest of making our profession the best it can be. Carpe Diem!         

The Delta Regional Authority, Gov. Asa Hutchinson and their federal and local partners announced Monday nearly $26 million in new investments that will create or retain an estimated 650 jobs.

The DRA is providing grant money through its federally funded States' Economic Development Assistance Program to help the projects along. The rest comes from public and private sources.

Here’s the breakdown of how that $26 million is going to be spent:

• $8.4 million that includes $500,000 from the DRA to construct a new Bull Shoals wastewater treatment facility.

• $6.6 million that includes $150,000 from the DRA to construct an aquatics and multipurpose center in downtown Pine Bluff.

• $3.95 million that includes $200,000 from the DRA for the extension of Scogin Drive/State Highway 83 in Monticello to U.S. Highway 278 West and the Health & Education Complex.

• $1.76 million that includes $200,000 from the DRA to construct the South Arkansas Community College Advanced Manufacturing Training Center in El Dorado. Plans calls for a 9,000-SF facility. Eight companies have committed to creating approximately 150 jobs and retaining approximately 400 jobs.

• $1.06 million that includes $200,467 from the DRA to construct additional manufacturing space for Excel Boat Co., which plans to add 20 employees and retain 40 jobs in Stone County.

• $1.06 million that includes $119,000 from the DRA for Restore Hope Delta, which seeks to reduce the number of children in foster care and reverse the state’s growing rate of incarceration.

• $855,500 to rehabilitate the Marvell’s sewer pumps and the Federal Housing Administration project’s rural sewage system. The entire amount for this project came from the DRA.

• $375,000 that includes $158,000 from the DRA to launch three new Environmental And Spatial Technology (EAST) programs in the Delta.  

• $302,500 that includes $200,000 from the DRA to establish the Consortium for Medical Education in the Delta, which hopes to train 30 health professionals a year, create three new medical education positions in each of the area’s five hospitals and produce 10 new primary care physicians for the region every year.

• $271,464 that includes $105,000 from the DRA to buy and install three pieces of mammography equipment at Chicot Memorial Medical Center. 

• $200,000 to buy new radiological equipment for the McGhee Rural Health Clinic. The entire amount for this project came from the DRA.

• $194,853 to pave the Delta Heritage Trail Access Road in Arkansas City. The entire amount for this project came from the DRA.

• $100,000 to improve River Ridge Access Road and a parking lot in Cleveland County to accommodate the River Ridge Equipment Company. The entire amount for this project came from the DRA.

• $44,275 including $37,275 from the DRA to complete interior construction at the Cherry Valley Food Pantry and construct a parking lot for the facility. 

• $25,200 to repair a portion of Clarendon’s sewer system that was damaged by a sinkhole. The entire amount for this project came from the DRA.

On any given day, K. Hall & Sons Produce buzzes with a steady stream of vehicles and pedestrians as greetings and banter fly around the deli counter, in the grocery aisles and at the registers.

“How you doin’ baby?” the cashiers sing out. “You doin’ all right?” There’s more to the company than this corner market — through the decades, K. Hall & Sons has developed a roster of wholesale and institutional clients all over Central Arkansas — but here, as the narrow aisles and smells from the kitchen tell you, not much has changed.

For one thing, everyone at K. Hall & Sons is family, literally and practically. David Hall, general manager, can’t place an exact number on it but somewhere around a dozen siblings, cousins, nieces and nephews work representing four generations, some every day, others a few hours on weekends or during school breaks. Even some of the customers get the family treatment.

“From the very beginning it was basically my dad and later on my mom and then everybody kind of pitched in when it got off the ground,” Hall said. “It’s just one of those things as they were coming up, working really wasn’t an option. Everybody had to come and help.”

David, the youngest of seven, has been on the clock virtually since his father, the late Knoxie Hall Sr., hauled a truckload of produce from the family farm and set up Hall’s Produce on this very spot.

“When he first started none of this was in here, none of this was even enclosed,” Hall said. “[Dad] just had tables set up out there. There was no power to the building, no gas or anything. It was just an old gas station he was renting. He’d come in the morning and set up his tables just like you’d see someone selling by the side of the road. He’d sell produce until it got dark.”

Knoxie and Estella Hall eventually passed operational responsibility to David, and he expanded the business with the help of his sons and his nephew Jonathan. Growing the company didn’t come without sacrifices and the hours are still long. But each day solidifies the store’s vital role in the life of the community.

“I’ve seen so many kids come through here. I’ve watched them grow up,” David Hall said. “There’s kids come in here now that when they first came in couldn’t see over the counter. It’s done me well to see some of those kids now, the ones that have prospered and done well. One young guy in particular, he’s an attorney now. And they always come back. That means a lot to me.”

K. Hall & Sons Through the Years

1974 Knoxie Hall Sr. set up Hall’s Produce in an outdoor stand at an empty rented gas station at 1900 Wright Avenue. He’d later purchase the building for a market, managed by his wife and family matriarch, Estella Hall.

1984 Youngest sons Curtis and David Hall formulate plans to expand business operations, forming a partnership and changing the name to K. Hall and Sons Enterprises.

2006 Accelerating institutional and wholesale business keeps the company’s fleet of delivery trucks in circulation seven days a week serving restaurants, schools and other clients throughout central Arkansas.

2016 Knoxie and Estella Hall and the Hall family are inducted into the Arkansas Black Hall of Fame in Little Rock.