December 4, 2015

By Bob Coleman
Editor, Fraud Friday

Fraud Friday — Sentencing in January for Arkansas Bank Prez Guilty of Loan Fraud

Former Avest Bank President for Benton County, Dennis Smiley will find out how long he will be living in federal custody next month.

Dennis pled guilty to one count of loan fraud in August for a series of loans totalling over $6 million that were all secured by the same $550,000 of Arvest Bank stock.

Dennis admitted borrowed heavily in order to keep up a lifestyle beyond the means of his $400,000 annual salary.

Dennis also admitted he forged the name of his father, Henry Dennis Smiley Sr., the bank chairman at First State Bank of DeQueen.

The banks lost a total of $5.3 million:

BANK LOANS (Amount loaned, with amount lost)
Bank of Arkansas: $150,000 loaned, $150,000 lost
Bank of Fayetteville: $639,847 loaned, $516,123 lost
Bank of Ozarks: $161,000, $149,438 lost
Benefit Bank: $357,119, $322,524 lost
Chambers Bank: $175,000, $165,361 lost
Community First Bank: $572,113, lost $273,070
Delta Trust and Bank: $245,126, lost $245,126
First Bank: $180,000, $178,797 lost
First Federal Bank: $265,000, $250,599 lost
First National Bank Fort Smith: $194,258, $194,258 lost
First Security Bank: $300,000, $279,700 lost
First State Bank of DeQueen: $632,550, $630,770 lost
First State Bank of Lonoke: $366,000, $278,147
First State Bank of NWA: $363,313, $236,500 lost
First State Bank of Russellville: $150,000, $145,148 lost
First Western Bank: $210,986, $196,359 lost
Iberia Bank: $50,000: $33,057 lost
Integrity First Bank: $185,589, $159,781 lost
Legacy National Bank: $100,000, $100,000 lost
Liberty Bank: $173,298, $145,096 lost
Signature Bank: $528,500, $428,034 lost
Simmons First: $115,075, $84,816 lost
Summit Bank: $185,000, $120,116 lost

Read more Fraud Friday coverage of Dennis Smiley here