El Dorado’s First Financial Bank is no stranger to the Little Rock market. The $901 million-asset lender has operated a mortgage production office in the capital city since 1984.

After more than 32 years, First Financial intends to open a full-service branch in Little Rock. The facility represents the company’s first full-service office in Arkansas outside of Union County.

“We do want to expand our retail footprint,” said Chris Hegi, president and CEO of First Financial. “But there are no plans for other full-service branches right now.”

Besides its five offices in El Dorado and one in Smackover, First Financial has two full-service branches plus a loan production office in Mississippi.

The Magnolia State presence is an outgrowth of the 2006 acquisition of the $46 million-asset Cornerstone Bank of Senatobia, a near $8 million transaction.

First Financial has followed its own path, with an emphasis on loan production offices to serve its strong base of poultry lending.

In Arkansas, the bank operates mortgage lending offices in Conway, Jonesboro, Fayetteville and Fort Smith as well as agri lending offices in Mena, Morrilton and Pocahontas.

A Van Buren investment group bought a 268,000-SF office-warehouse in Rogers for $4.8 million.

Breeden Robinson LLC, led by Larry Breeden, bought the facility from Superior Industries International Arkansas LLC, a subsidiary of Superior Industries of Van Nuys, California.

The facility at 1301 N. Dixieland Road was built in 1989 and includes about 229,000 SF of warehouse space and 12,000 SF of office space.

Marshall Saviers of Sage Partners in Fayetteville represented the buyer, and Holmes Davis of Binswanger represented Superior Industries.

Upchurch Electrical
The president and CEO of Upchurch Electrical Supply bought the company’s Fayetteville headquarters.

Double DMC Holdings LLC of Fayetteville, led by David McConnell, paid $2.15 million for Upchurch’s 24,704-SF office and warehouse at 2355 N. Gregg Ave.

McConnell became sole owner of the company when he was named president and CEO in 2007.

Upchurch, a wholesale supply company, was founded in 1955 and has locations in Fayetteville, Rogers and Fort Smith.

Fayetteville’s Signature Bank of Arkansas assisted the purchase with a loan of $1.72 million.

The seller was KMW Holdings LLC, led by former President and CEO Jeffery Koenig, who retired in 2007. KMW Holdings acquired ownership of the facility for a bit more than $2 million in 2005.

Fayetteville Car Wash
Speedy Splash Car Wash Arkansas LLC of Owasso, Oklahoma, paid $1.05 million for the Auto Magic Car Wash at 3274 N. College Ave.

Speedy Splash is led by Tony and Lori Fitch.

The seller was DCE Inc., led by Drew and Ella McGee of Pea Ridge. Speedy Splash also acquired an adjacent half-acre lot on North Lee Avenue.

United Bank of Springdale assisted the purchase with a loan of $1.24 million.

Adams Street Townhouses
A housing complex in Fayetteville sold for $775,000.

Fayetteville Fund LLC, led by Philip Schmidt and Jordan Jeter, who are partners at Flake & Kelley Commercial Northwest, bought Adams Street Townhomes at 601 Adams St.

The complex has seven units of more than 9,500 SF.

The seller was CRR Properties LLC of North Little Rock, led by Arby Smith.

Bear State Bank of Little Rock assisted the transaction with a loan of $610,000.

Price Cutter
Harps Food Stores Inc. of Springdale bought its Cutter Food Warehouse in Springdale.

Harps paid $1.12 million for the 48,450-SF facility at 1101 S. Thompson St. The property is a little more than 1.5 acres.

The seller was Harp, Harp & Van Hoose General Partnership, a group composed of the Reland Harp Family Testamentary Trust, the Gerald Harp Family Trust and Jerre Max Van Hoose.

The general partnership group and Harps terminated a lease agreement before the sale.

Harps Food Store
A Springdale investor acquired a 7.5-acre property that includes a Harps Grocery and the Plaza Shopping Center at 1300 N. Thompson St. in Springdale.

Almaraz SPE LLC, led by Antonio Almaraz, paid $2.65 million.

The seller was Harp’s Properties of Little Rock.

Ohio National Life Insurance Co. of Cincinnati assisted the purchase with a loan of $4.2 million.

Springdale Dunkin’ Donuts
The site of a future Dunkin’ Donuts in Springdale went for $585,650.

Hyde Park Properties I LLC, led by Jack Goehring IV and Greg Vasey, bought the 0.7-acre lot on Elm Springs Road.

Goehring and Vasey are partners in Hyde Park Ventures, which operates Dunkin’ Donuts franchises.

The lot is adjacent to the Whataburger restaurant at 4172 Elm Springs Road.

The seller was Elm Springs Center LLC, led by John and Joyce Pak.

First Fidelity Bank of Oklahoma City assisted the transaction with loans of $1.03 million and $213,750.

The owners of the 30-story Regions Center in downtown Little Rock have filed a more detailed account of their debts and assets for the building in their Chapter 11 reorganization case.

The total debt is listed at $30.4 million, according to documents in U.S. Bankruptcy Court in Delaware. The building, the owners said, is appraised at $40.5 million. There are 32 LLCs with an ownership interest in the building.

The largest debt, which is secured by the property and the assignment of leases and rents, is to Wells Fargo Bank, a trustee for a pool of investors who made the loan to the building owners in 2006 so they could buy the property.

The investors have a legal name: the Registered Holders of COMM 2006-C8 Commercial Mortgage Pass-Through Certificates. (In last week’s Whispers, Wells Fargo was incorrectly identified as the lender.)

The gross revenue for building owners was $8.3 million in 2015, up 10 percent from the year before. The revenue, though, had fallen to $6.65 million from Jan. 1 through Dec. 9, 2016, the date they filed for bankruptcy protection.

The bankruptcy filing also showed that in March the building was struck by lightning, causing $250,000 in damage.

In the initial filings in U.S. Bankruptcy Court in Delaware in December, the owners listed estimated debts of between $10 million and $50 million.

The bankruptcy filing put a hold on all legal proceedings against the property owners, including the foreclosure lawsuit filed against them in November in Pulaski County Circuit Court.

An attorney for Regions Center’s owners, Mark Rubin of Florida, told Arkansas Business in December that the owners expect to be out of bankruptcy in the first or second quarter of 2017.

“We have a plan to reorganize the property and pay off the loan and to finance it with a new lender,” he said.

Trouble is brewing for Joanie White-Wagoner, administrator and vice president at the new $150 million Baptist Health Medical Center-Conway.

She and her husband, Darren Wagoner, are facing foreclosure on a 45-acre Conway horse ranch and restaurant complex that they bought less than a year ago.

In a complaint filed last month in Faulkner County Circuit Court, Centennial Bank claims that the Wagoners and their Inception Management Group LLC are in default on about $2.7 million in debt connected to the Back Achers Ranch and Legends Bar & Grill at 3725 College Ave. The complaint says that Wagoner and White-Wagoner failed to make payments on a $2.5 million mortgage they assumed in buying the property from Letitia McMaster in May, as well as a $200,000 business loan from the same time.

The property, including the restaurant and a 47,000-SF arena, appears to be out of business. The restaurant’s listed phone number has been disconnected, and repeated calls to the ranch number drew a busy signal.

White-Wagoner was named to lead the Conway hospital a year ago, long before its opening in September. Previously, she served as the administrator and chief operating officer of Texas General Hospital in Midlothian, Texas. She is an Air Force veteran and longtime rider, according to various interviews.

The Centennial complaint, filed by Sherwood attorney Vaughan Hankins, says that the Wagoners personally guaranteed the loans, and that as of Dec. 22 they owed $2.5 million and accrued interest of $46,780 on the mortgage alone. “The Bank’s right of foreclosure has become absolute” on both loans, the complaint says.

White-Wagoner did not return a call to her office at the hospital on Thursday, and no response had been filed in court.

WASHINGTON - President Donald Trump signed an order on Monday that will seek to dramatically pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced.

"This will be the biggest such act that our country has ever seen. There will be regulation, there will be control, but it will be normalized control," Trump said as he signed the order in the Oval Office, surrounded by a group of small business owners.

Trump's latest executive action will prepare a process for the White House to set an annual cap on the cost of new regulations, a senior official told reporters ahead of the signing.

For the rest of fiscal 2017, the cap will require that the cost of any additional regulations be completely offset by undoing existing rules, the official said on customary condition of anonymity.

Trump, a businessman turned politician, campaigned on a promise to reduce federal regulations that he said burdened American businesses.

Major regulations are typically reviewed by the White House's Office of Management and Budget (OMB) before they are issued. That review will continue under this new measure, but agencies will also have to identify what two regulations will be repealed to offset the costs of any new rule.

The new order does not require that the repeal of the two regulations be done simultaneously with the release of additional rules, the official said.

"This vests tremendous power and responsibility in the OMB director to ensure the president's direction in how we manage this across the government," the official said.

Certain categories of regulations will be exempt from this new policy, including those dealing with the military and national security. The OMB director will also have the ability to waive this policy in certain instances.

Trump has tapped U.S. Rep. Mick Mulvaney, R-South Carolina, to lead the OMB.

WASHINGTON — More Americans signed contracts to buy homes in December. The increase possibly reflects more people scrambling to purchase homes as mortgage rates have been rising and increasing the costs of ownership.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Momentum Jonesboro, the economic development fundraising plan targeting job growth in northeast Arkansas, is on pace to reach its $3.7 million goal in May, as officials hoped.

But the city isn't waiting on the final tally to begin work.

Designed to create 2,500 jobs that pay $42,000 or more a year — with the related economic benefits that entails — Momentum Jonesboro is a five-year plan that has already secured $2.2 million in private capital from 31 different companies.

"The business sector that is participating in Momentum Jonesboro I think is excited about the plan," said Mark Young, president and CEO of the Jonesboro Regional Chamber of Commerce. "It is taking our existing efforts to a new level and we're excited about what the future holds."

The fundraising initiative, devised by the private partnership development organization Jonesboro Unlimited, is focusing on three primary areas: marketing and staff to court selected industries, workforce development and improving Jonesboro's quality of life standards.

Young said efforts are already underway on all fronts, including workforce development, which is targeting five industries based on existing talent, resources, economic factors and past relationships.

Those industries, Young said, are agriculture business, advanced manufacturing (which includes food processing, equipment manufacturing and pharmaceuticals), logistics, health care and professional services.

"We've started the implementation process of the strategic plan," Young said. "And so … as part of that, we have just recently launched a new web site that was part of that strategic plan. In addition to that we have task forces that are working in each of those areas I've mentioned before."

Workforce development, Young said, will focus primarily on education and the strategy ranges from pre-K schools up to Arkansas State University plus local trade and technical schools like ASU-Newport, which has a campus in Jonesboro. The Momentum Jonesboro task force, for example, is delving into a plan that would chart a student's advancement in the field of information technology from eighth grade through college graduation.

"Part of it is looking at the skills we need in those targeted industries, part of it is ensuring we have the talented workforce to succeed today, three years from now, five years from now and 10 years from now," Young said.

Young noted that northeast Arkansas has always been a strong region for agriculture in the state, while the city's utility price structure has traditionally lent itself to manufacturing and food processing. The designation of Interstate 555 and improvements to local roads and highways set the table for success with logistics and distribution firms, Young said, while professional services like information technology, engineering and accounting are ripe targets in today's economy.

Pharmaceutical manufacturing is less established in the northeast Arkansas region, but health care plays a large role. St. Bernards Healthcare — of which Momentum Jonesboro General Chair Chris Barber is CEO — is the city's largest employer with more than 2,800 workers.

Additionally, Young said, Arkansas State has partnered with the New York Institute of Technology to implement a doctoral program in osteopathic medicine, giving ASU its first medical school.

"If you look at the assets our community already enjoys, we serve as a health care hub for the region," Young said.

While Jonesboro's unemployment rate of 2.8 percent (U.S. Bureau of Labor) is well below the national average of 4.7 percent, 2015 U.S. Census Bureau data shows the median household income was $41,688, 25 percent below the national average (and also below the state average). More than 23.7 percent of Jonesboro residents were at or below the federal poverty line.

Such performance figures helped provide the impetus and goals for momentum Jonesboro, Young said.

"If you look at the average wage in Craighead County it's roughly, approximately that, so everything we want to focus our attention on is above that," Young said.

"If you look at the targeted industries that we have, each of those areas that we are targeting and being very intentional about pay above that particular threshold."

December unemployment was down in Arkansas from a year ago, according to Bureau of Labor Department figures released Wednesday.

The bureau reported overall unemployment in Arkansas at 3.8 percent, down from 4.6 percent a year ago but up from the 3.5 percent recorded in November.

Overall unemployment rates were down in 236 of the nation's 387 metropolitan statistical areas, higher in 111 and unchanged in 40.

Unemployment dropped in each of Arkansas' six metropolitan areas from December 2015. Fayetteville-Springdale-Rogers showed a decrease from 3.2 percent to 2.7 percent, and in nearby Fort Smith, the rate dropped from 5.1 percent to 4.3 percent.

There were 27 MSAs in the United States with unemployment below 3 percent, and five had rates of 10 percent or more. Other than Fayetteville-Springdale-Rogers, none of Arkansas' other areas were below 3 percent, but all but one of the state's MSAs were below the 4.5 national average (not seasonally adjusted), which was down from the 4.8 percent recorded in December 2015. 

December unemployment in the Hot Springs MSA dropped from 5.1 percent in 2015 to 4.3 percent; the Jonesboro MSA fell from 4.1 percent to 3.2 percent, and the Little Rock-North Little Rock-Conway MSA dropped from 4.0 percent to 3.3 percent. 

Only the Pine Bluff MSA unemployment rate was above the national December average, but it was also down from November, dropping from 6.3 percent to 5.2 percent. 

The rate in the Texarkana MSA rose slightly from 4.5 percent to 4.6 percent, while Memphis dropped from 6.1 percent to 5.3 percent.

There were 192 areas with a jobless rate below the average of 4.5 percent while 186 had rates that were higher and nine had rates equal to the national average. 

The lowest unemployment percentages in the nation were found in Ames, Iowa, and Burlington, Vermont. Both were at 2.1 percent.

The highest unemployment percentages were found in El Centro, California, (18.8 percent) and in Yuma, Arizona (15.3 percent).

Heartland Bank of Little Rock recorded a nearly $7.9 million loss for 2016. The lion's share of that loss occurred in the fourth quarter.

"In the last quarter, we took an additional provision to our loan loss reserves," said Joe Gregory, general counsel for Heartland Bank. "It was a prudent thing for the board to do, to guard against potential losses in the future."

The $205 million-asset lender added $7.3 million to its loan loss reserve in the fourth quarter. All told, Heartland increased its reserve against future losses by nearly $10 million during 2016.

"We would've made $2.3 million (without the additional funding to loan loss reserves)," Gregory said. "Our core earnings are still there, and we'll continue to work to build our capital."

The bank's parent company, Rock Bancshares Inc., is in the midst of $3 million stock offering to raise additional capital.

Total equity capital dropped from $29 million to $20 million during 2016. After the capital erosion, the bank's tier one capital ratio stood at 8.9 percent with a total capital ratio of 10.2 percent.

As reported first in Arkansas Business on Dec. 20, Heartland and Rock Bancshares entered a written agreement with the Federal Reserve to improve their financial soundness.

The agreement came weeks after the disclosure of the bank's $7 million delinquent loan in the Chapter 15 bankruptcy of Platinum Partners Value Arbitrage Fund Ltd. of New York.

According to court filings in the provisional liquidation case, Heartland entered into an August 2015 funding agreement of $7 million with a Cayman Islands fund associated with Platinum Partners.

The hedge fund has been described by federal prosecutors in New York as a $1 billion fraud and a "Ponzi-esque" scheme.

Five top executives of the fund were charged in December with securities fraud, conspiracy and other crimes in an eight-count indictment. The Securities & Exchange Commission also launched a civil case against the men.

NEW YORK — A rare double shot of encouraging news on retirement savings: Workers are contributing more to their 401(k) accounts, and they're taking out fewer loans from them.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

WASHINGTON — President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signaling that it's eager to help.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Karen Shaw and Pam Jones have been promoted to executive vice presidents at Citizens Bank of Batesville.

Shaw will serve as chief financial officer and Jones will serve as the senior loan operations officer. Prior to joining Citizens Bank in 2003, Shaw spent eight years with the public accounting firm of Ernst & Young, managing a diverse range of clients, including public and private banking institutions.

Jones was previously a senior vice president and senior loan operations officer for Southern Bancorp of Arkadelphia.

Barrett Moore and Michelle Huff have been promoted to partners at Blair & Stroud in Batesville.

Moore has been with the law firm as an associate since 2011. His practice focuses on complex litigation, employment and wage and hour issues, appeals and the general practice of law.

Huff has been with firm since 1999, and her practice concentrates on personal injury, medical malpractice, creditor bankruptcy and other bank-related litigation.

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

The sale of a 60-unit assisted living project in Maumelle weighed in at $7.15 million.

CHG Senior Living RE Stonehaven LLC, an affiliate of Cornerstone Healthcare Group of Dallas, purchased Stonehaven Assisted Living at 101 Olympia Drive.

The seller is Stonehaven Assisted Living LLC, led by James Thomas. The deal is financed with a $5.2 million loan from First Security Bank of Searcy.

The 7.59-acre development previously was tied to a July 2005 mortgage of $4.3 million held by Farmers Bank & Trust of Camden.

Stonehaven Assisted Living acquired the site for $500,000 more than 11 years ago from Osborne Development Ltd., led by Cindy Bixler.

Trampoline Transaction
The future site of an extreme aerial sports facility in west Little Rock tipped the scales at $1.87 million.

CT BTS LLC, an affiliate of The McLain Group of Fort Smith, bought five acres at the southeast corner of Col. Glenn and Talley roads.

The sellers are Virginia Fleming Unser and Ginger Owens. Construction of the 3rd Realm project for CircusTrix is backed with an 18-month loan of $3.9 million from Chambers Bank of Danville.

The property was assembled in two intrafamily transactions with Emily Ann Fleming Dickinson, $2,000 in November 1974, and $18,000 in December 1978.

Best Value Deal
A 53-room motel in northwest Pulaski County changed hands in a $1.48 million deal.

Shanti Sai LLC, led by Harshadbhai Patel, acquired the America’s Best Value Inn at 14325 Frontier Drive.

The seller is Parkway Motel Inc., led by Kantilal Patel. The deal is funded with a $753,564 loan from Centennial Bank of Conway.

The 2.01-acre development previously was linked with a December 2011 mortgage of $645,082 held by First State Bank of Warren and a January 2010 loan of $595,000 from the U.S. Small Business Administration.

The location was bought for $280,000 in July 1998 from Ansuya Patel.

Momi Purchase
A vacant Wendy’s in Little Rock rang up a $651,000 sale.

Momi Investment LLC, led by Avtar Momi, purchased the 2,960-SF fast-food facility at 7312 Cantrell Road.

The seller is Cantrell Road Partners LLC, led by Stuart Hankins and Frank Fletcher. The deal is financed with an eight-year loan of $621,000 from Merchants & Farmers Bank of Dumas.

The 0.47-acre development was acquired in three deals totaling $130,000.

The sellers were Louise Keaton Trust No. 1 and Oscar and Dorothy Kochtitzky, $35,000 each in August 1977; and Walthour-Flake Co., led by Dickson Flake, $60,000 in August 1978.

Village Acquisition
A 42-unit condominium project in southwest Little Rock is under new ownership after a $600,000 deal. Quail Redevelopment LLC of Addison, Texas, bought Dreher Village at 8601 Dreher Lane from City National Bank of Los Angeles.

City National recovered the development at a $550,000 foreclosure sale in April 2015 from Little Rock Group LLC, led by Steven St. Clair.

The property previously was tied to a September 2007 mortgage of $1 million held by Imperial Capital Bank of La Jolla, California, and a January 2010 mortgage of $1.7 million held by Southwest Bank of Tustin, California.

Salute Sale
A 3,136-SF liquor store in west Little Rock drew a $470,000 transaction.

TaytayJack LLC, led by Paul Bowersock, acquired Salute Fine Wines & Spirits at 10700 W. Markham St. The seller is Gray-Van Inc., led by Larry Grayson.

The 0.36-acre development previously was linked with a November 2014 mortgage of $414,131 held by Arvest Bank of Fayetteville.

Gray-Van bought the project for $625,000 in April 2005 from Lunar Management Co., led by Martha Morrow.

Home Instead
A 3,462-SF office building in downtown Little Rock sold for $450,000.

Skills For 21st Century LLC, led by Matt McClure, purchased the 909 Cumberland St. project to house his Home Instead Senior Care offices. The seller is Little Rock Historic Properties LLC, led by Mark Brown and Jill Judy.

The deal is backed with a five-year loan of $455,000 from Stone Bank of Mountain View.

The 0.23-acre development previously was tied to a February 2014 mortgage of $178,400 held by Central Bank of Little Rock.

The property was acquired for $42,000 in October 2013 from Karan and David Hearn.

Dental Development
A 1,658-SF clinic in the Heights area of Little Rock changed hands in a $400,000 deal.

HDC Holdings LLC, led by Christopher Houk, bought the Heights Dental Clinic at 1919 N. Fillmore St. The seller is K Smith LLC, led by Kathleen Smith.

The deal is funded with a 10-year loan of $400,000 from Simmons Bank of Pine Bluff.

The 0.09-acre development was purchased for $150,000 in January 2005 from Don Downs.

Maumelle Parcel
A 0.52-acre commercial site in Maumelle rang up a $265,000 sale.

Prachi Investment Inc., led by Dipesh Patel, acquired the property near the northwest corner of Maumelle Boulevard and Town Centre Drive. The seller is Sears Construction Development & Leasing LLC, led by Todd Sears.

The deal is backed with a one-year loan of $198,750 from Arvest Bank. The property previously secured a June 2013 mortgage of $215,000 held by First Security Bank.

The land was bought for $227,000 in December 2007 from Bob Fewell.

Office Buy
A 2,349-SF office building in downtown Little Rock is under new ownership after a $260,000 deal.

807 West Third Street LLC, led by Pat James and Matthew House, purchased its namesake project from David and Linda Hargis.

The deal is funded with a 15-year loan of $260,000 from BancorpSouth Bank of Tupelo, Mississippi. The 0.1-acre development previously was linked with a July 2008 mortgage of $100,000 held by Centennial Bank.

The property was acquired for $175,000 in July 1996 from the Catlett & Catlett Building Venture, led by Leon Catlett.

Overlook Manor
A 6,385-SF home in Little Rock’s Overlook neighborhood weighed in at $1.35 million.

Duane and Angela Birky bought the house from the Lee Bodenhamer Trust.

The deal is financed with a 25-year loan of $1.2 million from BancorpSouth Bank.

The location was purchased in December 2006 as part of a $1 million transaction with Moosehead Advertising Co., led by Patricia and Gary Green.

Bretagne Manor
A 6,245-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development drew a $710,000 transaction.

Samuel and Kelly Bledsoe bought the house from the Ramey Joint Revocable Trust, led by Frank and Linda Ramey.

The deal is backed with a one-year loan of $639,000 from Red River Bank of Alexandria, Louisiana.

The location was purchased for $106,000 in May 1997 from Scott and Linda Zust.

Club House I
A 2,745-SF home near the Country Club of Little Rock sold for $620,000. MW Living Trust, led by Megan Wooster, acquired the house from Gregg and Paige Day.

The deal is funded with 30-year loans of $417,000 and $141,000 from Bank of Little Rock Mortgage Corp.

The Days bought the residence for $585,000 in November 2015 from David and Shay Matthews.

Heights Home
A 2,734-SF home in Little Rock’s Country Club Heights neighborhood changed hands in a $595,000 deal.

Charles Martin and Chloe Ward purchased the house from Charles and Beth Porter.

The deal is financed with a 30-year loan of $417,000 from Eagle Bank & Trust of Little Rock.

The Porters acquired the residence for $500,000 in November 2014 from Mark Meador and Wanda Meador.

Club House II
A 3,004-SF home near the Country Club of Little Rock rang up a $583,000 sale.

M.L. Shannon bought the house from Laura Landreaux. The deal is backed with a 30-year loan of $466,400 from U.S. Bank of Cincinnati.

The residence previously was tied to a May 2010 mortgage of $353,500 held by Wells Fargo Bank of Sioux Falls, South Dakota.

Landreaux purchased the property for $560,000 in July 2007 from Michael Shelby and Amy LaFrance Bancroft.

Mirabel Residence I
A 3,950-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $570,300 transaction.

Richard Rogala Jr. and his wife, Sharon, acquired the house from Byron Holmes Construction Inc.

The deal is funded with a five-year loan of $417,000 from Malvern National Bank. The residence previously was linked with a February 2016 mortgage of $452,000 held by Central Bank.

The location was bought for $79,914 a year ago from Turner & Sons Co., led by John Turner.

Midland House
A 5,262-SF home in Little Rock’s Midland Hills neighborhood drew a $568,000 transaction.

Christopher and Amy Benton purchased the house from Michelle Cauley. The deal is financed with a 30-year loan of $538,203 from IberiaBank Mortgage of Lafayette, Louisiana.

The residence previously was tied to a June 2012 mortgage of $100,000 and a July 2013 mortgage of $411,250 held by IberiaBank Mortgage.

Cauley acquired the property for $465,000 in June 2011 from James Pawelak.

Ranch Valley Abode
A 3,471-SF home in Little Rock’s Ranch Valley neighborhood sold for $567,000.

Charles and Elizabeth Porter bought the house from Robert Neighbors Jr. and his wife, Rebecca.

The deal is backed with a 30-year loan of $405,000 from Simmons Bank. The residence previously was linked with a December 2015 mortgage of $125,000 held by BancorpSouth Bank.

The Neighbors family purchased the property for $190,000 in July 2011 from Michael and Ginger Townsend.

Woodland’s House
A 3,609-SF home in Woodland’s Edge neighborhood of west Little Rock changed hands in a $558,000 deal.

Konstantinos Arnaoutakis and Marie Mesidor acquired the house from Jill Compardo. The deal is funded with a 25-year loan of $530,100 from Regions Bank of Brimingham, Alabama.

The residence previously was tied to an August 2014 mortgage of $417,000 held by Simmons Bank.

The location was bought for $75,000 in September 2013 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Mirabel Residence II
A 3,675-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development rang up a $515,000 sale.

Richard and Tracy David purchased the house from J. Martin Homes Inc., led by Gregory Cates. The deal is financed with a 20-year loan of $425,000 from Doris David of New Roads, Louisiana.

The residence previously was linked with a December 2015 mortgage of $428,000 held by First Security Bank.

The location was acquired for $82,000 13 months ago from Deltic Timber Corp. of El Dorado.

Oaks Residence
A 2,796-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $515,000 transaction.

Richard and Patricia Macy bought the house from the Rodney Chandler Living Trust. The deal is backed with a 30-year loan of $386,250 from Bank of Little Rock Mortgage.

The residence previously was tied to a January 2015 mortgage of $371,000 held by IberiaBank Mortgage.

The location was purchased for $85,000 in May 2012 from One Bank & Trust of Little Rock.

Seven-Digit Construction

Movie Tavern    $9,800,000
11300 Bass Pro Parkway, Little Rock
VCC LLC, Little Rock

New House    $1,650,000
25 Spring Valley Lane, Little Rock
Kevin Hughes Construction Co., Little Rock

Office Addition-Renovation    $1,200,000
321 Maple St., North Little Rock
PDC Construction Inc., Little Rock

Heartland Bank of Little Rock recorded a nearly $7.9 million loss for 2016. The lion’s share of that loss occurred in the fourth quarter.

“In the last quarter, we took an additional provision to our loan loss reserves,” said Joe Gregory, general counsel for Heartland Bank. “It was a prudent thing for the board to do, to guard against potential losses in the future.”

The $205 million-asset lender added $7.3 million to its loan loss reserve in the fourth quarter. All told, Heartland increased its reserve against future losses by nearly $10 million during 2016.

The move rebuilt the bank’s loan loss reserve to $11.3 million at year-end. Heartland charged off more than $7.2 million in bad loans during 2016.

Nonaccrual loans totaled more than $28 million at year-end, with an additional $7 million in loans past due by more than 30 days.

“We continue to work through the oil and gas loans,” Gregory said. “It sure would help if oil went up to $65 a barrel.”

West Texas Intermediate Crude is selling for about $53 a barrel these days. That pricing benchmark fell from more than $100 a barrel during 2014 to below $30 last year.

The bank and its leading shareholder, Walter Quinn, shared in the beat-down from plummeting oil and gas prices. Contending with his own financial reversals, Quinn stepped down in 2015 as a bank director and as chairman, president and CEO of Rock Bancshares Inc., Heartland Bank’s parent company.

“We would’ve made $2.3 million” without the additional funding to loan loss reserves, Gregory said. “Our core earnings are still there, and we’ll continue to work to build our capital.”

Rock Bancshares is in the midst of a $3 million stock offering to raise additional capital.

Total equity capital dropped from $29 million to $20 million during 2016. After the capital erosion, the bank’s tier one capital ratio stood at 8.9 percent with a total capital ratio of 10.2 percent.

As reported first in Arkansas Business on Dec. 20, Heartland and Rock Bancshares entered a written agreement with the Federal Reserve to improve their financial soundness.

The agreement came weeks after the disclosure of the bank’s $7 million delinquent loan in the Chapter 15 bankruptcy of Platinum Partners Value Arbitrage Fund Ltd. of New York.

According to court filings, Heartland entered into an August 2015 funding agreement of $7 million with a Cayman Islands fund associated with Platinum Partners.

The hedge fund has been described by federal prosecutors in New York as a $1 billion fraud and a “Ponzi-esque” scheme.

Five top executives of the fund were charged in December with securities fraud, conspiracy and other crimes in an eight-count indictment. The Securities & Exchange Commission also launched a civil case against the men.

Heartland Bank, Little Rock
(Dollars in thousands)

Source: Federal Deposit Insurance Corp.

Little Rock developer Philip Herrington’s Chapter 11 bankruptcy reorganization has been dismissed.

Herrington said in a filing in December that he “believes dismissal is in the best interest of creditors.”

No one objected to the move, and U.S. Bankruptcy Judge Ben Barry approved the voluntary dismissal last month.

If you recall, Herrington filed for Chapter 11 in March and listed $13.45 million in debts and $5.1 million in assets. Herrington referred calls to his attorney, Kevin Keech of Little Rock, who didn’t immediately return a call.

The Walton Family Foundation announced Monday that it is partnering with Southern Bancorp Community Partners to promote economic development in the Delta with a $750,000 investment.

The money will be used to provide $1.5 million in capital loans small businesses in Phillips County in Arkansas and Coahoma County in Mississippi.

Karen Minkel, Home Region Program director for the Walton Family Foundation, said in a news release, "This infusion of funds will help fill a critical gap in sustaining and growing these economic engines."

According to the Small Business Administration, the number of small-business loans decreased by 38 percent in Arkansas and by 63 percent in Mississippi, between 2000-13, the release states. It adds that lenders are reluctant to finance those businesses that need $100,000 or less in capital.

"For many businesses in the Delta, financial access has significantly decreased or disappeared," Southern Bancorp CEO Darrin Williams said in the release. "Our mission is to ensure this access exists in places that need it most, and this investment from the Walton Family Foundation will greatly enhance that ability."

Teletech Holdings Inc. of Denver said Tuesday that it is hosting hiring events in Sherwood this month aiming to fill 90 new positions.

The publicly traded customer service provider (Nasdaq: TTEC) said it's seeking full-time sales representatives to support "a leading global multi-national courier delivery services company." 

TeleTech said employees have the opportunity to earn "a highly competitive hourly pay."

The hiring events are scheduled from 9 a.m. to 4 p.m. on Feb. 8, Feb. 15 and Feb. 22 at 2402 Wildwood Ave., Suite 140, in Sherwood. Job postings are available here.

HoganTaylor LLP, a public accounting firm in Oklahoma and Arkansas, announced Monday that it has named Dan Bomhoff, John Cooper, Jeff Koweno and Bret Little as partners.

Bomhoff, of Oklahoma City, Oklahoma, joined the company in 2013. He has nearly 15 years of experience in taxation, including tax compliance reporting, planning and consulting. Bomhoff has worked with clients in the oil and gas, manufacturing, retail and services industries and with high net worth families and trusts, organizations with multi-state filings and pass-through entities.

Cooper, of Tulsa, Oklahoma, joined HoganTaylor in 2012. He has more than 15 years of experience providing assurance services to public and privately held clients in the oil and gas exploration and production, oilfield service, construction, nonprofit and manufacturing industries.

Koweno, of Oklahoma City, joined the firm in 2012 and has nearly 20 years of experience providing financial statement audit, audit of internal controls, SEC reporting and compliance and other attestation services. He is particularly skilled in working with the energy sector.

Little, of Tulsa, joined the company in 2007. He has more than 15 years of experience providing tax services to partnerships, corporations and S-Corporations and has worked with clients in the trucking, construction, manufacturing and wholesale industries.

December home sales and prices were up in Arkansas compared to the previous year, shutting the books on 2016 and continuing to reflect the state's recovery from the housing market collapse of 2006-2007 and the recession.

"About 2013 things started to pick up and it's really just been an upward trend of real, double-digit growth ever since," said Michael Pakko, chief economist and state economic forecaster with the Institute for Economic Advancement (IEA) at the University of Arkansas-Little Rock.

According to the Arkansas Realtors Association report released this week, the number of homes sold in Arkansas was 2,731 in December, an increase of 8.3 percent over December 2015. Total 2016 sales were 34,033, an increase of 8.1 percent over the previous year.

More: See the complete December report.

"This is really the third or fourth year, I guess, of housing market recovery, I guess you'd call it, where after the collapses of 2006 and 2007 and the recession we really went through a period of really slow sales," Pakko said.

In the 43-county area the ARA regularly surveys, the average December home price increased from $155,501 in 2015 to $172,727 in 2016. For the year, the average price jumped from $160,356 to $170,372. Statewide valuations increased by nearly 15 percent over the year.

Pakko noted that the upward trends continue to be seen most readily in the rapidly growing northwest region and the state's other, more highly populated areas.

The most units sold in December were in Benton, Pulaski, Washington, Saline and Sebastion Counties, driving a statewide sales increase from 2,521 in 2015 to 2,731 in 2016. Annual unit sales were highest in the five counties as well, contributing to the statewide unit sales increase from 31,470 to 34,033.

Pakko said areas showing the most growth during boom times were naturally the likeliest candidates for a downtown during the housing market bust. So it stands to reason they would rebound the strongest during the recovery, though no area in Arkansas was hit as hard during the housing bust as places like Florida, Atlanta and California.

"It was really very localized and here in Arkansas and northwest Arkansas that's where it happened the most," Pakko said. "The bigger they are the harder they fall and the bigger they bounce back."

Benton, Cleburne, Izard, Saline and Washington counties showed the highest average prices for the month, while Benton, Cleburne, Pulaski, Saline and Washington counties had the highest average prices for the year.

Pakko said the monthly figures are actually a reflection of contracts and transactions signed in November and that few deals are finalized during December and the holiday season.

"One thing I can say with almost complete certainty is the January numbers will be much weaker," said Pakko, who added that the strongest months are usually June, July and sometimes part of August.

A 70-room hotel in North Little Rock tipped the scales at $3.9 million.

Andy & Andrew Hotel Investments LLC, led by Ashok Desai, purchased the Comfort Inn & Suites at 3915 McCain Park Drive. The seller is Shree Jala Bapa Associates Inc., led by Jitendra Patel.

The deal is backed with a five-year loan of $4 million from Arkansas Federal Credit Union of Jacksonville.

The 0.9-acre development previously was linked with a February 2006 mortgage of $3 million, a March 2009 mortgage of $300,000 and an August 2010 mortgage of $50,000 held by First Arkansas Bank & Trust of Jacksonville.

The site was bought for $140,000 in June 1997 from Lilac LLC, led by Andy Collins.

Multifamily Buy
A 33-unit apartment project in Little Rock weighed in at $1.22 million.

Parker Investments Group LLC, led by Ricky Parker, acquired Cantrell Valley Apartments at 7201 Kentucky Ave. The seller is Jarrett Property Management EYBJ LLC, led by Emery Jarrett.

The 0.85-acre development is now helping secure a $3.1 million loan from Chambers Bank of Danville.

The project was purchased for $438,000 in May 1994 from W.P. Gulley Jr.

Madina Purchase
A 17,082-SF office-warehouse in west Little Rock rang up a $1.1 million sale.

Madina Institute Inc., led by Muhammad Nino, bought the 12123 Kanis Road project from James and Terry Barnes.

The deal is funded with a 15-year loan of $1.1 million from BancorpSouth Bank of Tupelo, Mississippi.

The 1.14-acre development was acquired for $572,000 in March 2005 from Mary Fitton, Robert Aguiar and J-D Leasing LLC, led by Fitton.

Sonic Order
A Sonic in North Little Rock changed hands in a $960,000 transaction.

D.L. Rogers Corp. of Grapevine, Texas, purchased the 3610 Camp Robinson Drive project from Hard-Mark Land Co. of Oakland, Mississippi.

The 0.78-acre development previously was tied to a November 2015 mortgage of $655,000 held by Southern Bancorp Bank of Arkadelphia.

The location was bought for $165,000 in December 1989 from Andy’s of America Inc., led by Garland Streett.

Branch Acquisition
A 1,426-SF bank branch in Little Rock is under new ownership after an $850,000 deal.

First Community Bank of Batesville acquired the former Allied Bank project at 4900 Kavanaugh Blvd. from Today’s Bank of Huntsville.

Today’s took ownership of the branch in November in the aftermath of its negative bid of $6.1 million to buy Allied.

Allied purchased the property for $650,000 in January 2010 from 4900 Kavanaugh LLC, led by Gene Cauley.

Chandler Investment
An 11,000-SF building in downtown North Little Rock sold for $700,000.

EO Manees Building LLC, led by John Chandler, bought the 317 Main St. project. The seller is Thomason Furniture Co., led by Joe Thomason.

The 0.17-acre development previously helped secure an October 2001 mortgage of $483,000 held by Centennial Bank.

The property was acquired in July 1973 as part of a $75,000 deal with the estate of Edward O. Manees.

Islamic Land Deal
A 3.96-acre parcel in west Little Rock drew a $575,000 transaction.

Islamic Center of Little Rock Inc. purchased the land at 14900 Kanis Road from Christopher Olsen.

The property previously was linked with a March 2009 mortgage of $272,627 held by BancorpSouth Bank.

Olsen bought the land for $185,000 in August 2004 from Laverne Jones.

Treetops Home
A 2,185-SF condo in the Riverdale area of Little Rock rang up a $750,000 sale.

The James Boliver Conner Revocable Trust acquired the 10th-floor Treetops unit from William and Peggy Marshall.

The residence previously was tied to an April 2015 mortgage of $152,423 and an October 2016 mortgage of $841,653 held by Simmons Bank of Pine Bluff.

The Marshalls purchased the property for $750,000 in August 2014 from the Jackson T. Stephens Jr. Marital Trust.

Country Club House I
A 2,546-SF home in the Country Club Heights neighborhood changed hands in a $737,000 deal.

Martin Silverfield bought the house from Richard and Paula O’Brien.

The deal is financed with a 30-year loan of $589,600 from Regions Bank of Birmingham, Alabama.

The O’Briens acquired the property for $443,000 in April 2015 from JWB Co., led by Buddy Benafield.

Bretagne Manor
A 4,706-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $729,000 transaction.

Joe and Sylvia Potter purchased the house from James and Lynda Yuen.

The Yuens bought the residence for $737,000 in January 2002 from the Joe E. Hughes Construction Co.

Downtown Condo I
A 2,379-SF condo in downtown Little Rock’s River Market Tower sold for $650,000

Steve and Alicia Rucker acquired the 12th-floor unit at 315 Rock St. from the Fisher Family Trust, led by Cynthia and Robert Fisher Jr.

The deal is backed with a 30-year loan of $450,000 from Regions Bank. The residence previously was linked with a June 2014 mortgage of $520,000 held by One Bank & Trust of Little Rock.

The Fishers purchased the space for $449,000 in May 2013 from River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

Downtown Condo II
A 1,948-SF condo in downtown Little Rock drew a $630,000 transaction.

Paolo and April Lim bought the 13th-floor unit at 300 Third from Jeremy and Hadley Lewno.

The deal is funded with 30-year loans of $417,000 and $87,000 from Bank of Little Rock Mortgage Corp.

The Lewnos acquired the property for $415,000 in October 2012 from FNBC Bancorp Inc. of Ash Flat.

FNBC recovered the condo in September 2010 after obtaining a $582,319 judgment against BDR Investments LLC, led by Jim Swink.

Arbors Abode
A 4,115-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development changed hands in a $618,750 foreclosure sale.

Regions Bank recovered the house from Gary Hendershott. The residence previously was tied to a December 2012 mortgage of $635,355 held by the bank.

Hendershott bought the property for $950,000 in August 2006 from Phase III Inc., led by David Pickering Jr.

Country Club House II
A 2,118-SF home near the Country Club of Little Rock rang up a $515,000 transaction.

Karen Johnson purchased the house from Paul Donagher and Vanessa Weiss.

The residence previously was linked with a November 2012 mortgage of $376,999 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The property was acquired for $494,000 in May 2008 from Susan Jones and Charles Smith.

Maisons Residence
A 4,965-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development sold for $510,000.

William and Tiffany Greenfield bought the house from the J&A Living Trust, led by Derek Fisher.

The deal is financed with a 30-year loan of $408,000 from One Bank. The residence previously was tied to an October 2005 mortgage of $472,000 held by Wells Fargo Bank.

The trust purchased the property for $590,000 more than 11 years ago from Coburn Construction LLC, led by Roger Coburn Jr.