story by Kim Souza
ksouza@thecitywire.com
Co–debtor Cynthia Smiley, wife to former Arvest banker H. Dennis Smiley Jr., has filed for Chapter 7 bankruptcy protection in the Western District of Arkansas.
She filed individually, claiming the majority of the $2.29 million in debts she’s seeking to discharge are business related. The filing listed 18 creditors holding unsecured debt.
Major creditors include:
Arvest Bank – debt consolidation loan $179,079, $80,000 business loan
Bank of America – $15,800
American Express Credit Card – $67,727
Bank of Arkansas – $151,934 loan to HDS Holdings
Capital One Bank/Saks – $675
Centennial Bank – $145,000 debt purchased by Arvest
Citibank Credit Cards – $33,149
Community First Bank – $107,312 loans to Design for the Home
Dillards Credit Card – $10,117
First Federal Bank – $180,599 acquire by Arvest
First Security Bank – debt paid in full with sale of debtor’s home.
First State Bank of Lonoke – $39,583 loan to Design for the Home,
First State Bank of Russellville – $146,425 loan to Design for the Home
First State Bank of NWA – $25,315 loan
First State Bank of DeQueen – $475,000 loans to Design for the Home,
Integrity Bank – $120,000 loans to Design for the Home
Legacy National Bank – $10,765 loan to Design for the Home
Neiman Marcus Credit Card – $5,417
Sears Credit Card – $1,422
Security Bankcard Center – $12,398 debt of Design for the Home
Signature Bank of Arkansas – $189,748 loans to Design for the Home
Simmons First Bank – $47,271 loans to Design for the Home
United Bank – $22,400 personal loan
Co–Debtors listed in Cynthia Smiley’s bankruptcy filing include her husband and Design for the Home LLC, a business entity of the couple. Her father–in–law Henry Dennis Smiley Sr. and HDS Holdings were also named as co–debtors in the case.
Smiley lists her profession as a self–employed Realtor and decorator with $0 monthly income. She lists other business income of $2,441 per month. For tax year 2014 Smiley claimed $19,535 in gross income from real estate sales and decorating fees.
That compared to $7,467 earned in 2013 and $3,280 earned in 2012.
The filing also shows the family home in Pinnacle Country Club was sold Sept. 3 with Arvest Bank getting $305,811 and First Security Bank receiving $216,702 for release of the second lien.
Dennis Smiley Jr. was forced to retire as president of Arvest Bank-Benton County in March when possible loan fraud was discovered. Smiley reportedly borrowed an estimated $4.5 million from more than a dozen Arkansas banks dating back to 2009, according to Uniform Commercial Code filings with Arkansas Security of State.
There are numerous civil lawsuits pending against Smiley and her husband in Benton County. Trial dates for those hearings will be set in the spring of 2015. Criminal investigations against Dennis Smiley for bank fraud continue, but no charges have yet been filed.