Arvest Bank has settled with 18 of the 20 lenders that claimed former Arvest-Benton County president and CEO Dennis Smiley owed them money on toxic loans granted to him on the bogus pledge of stock and stock options.
The amount of the settlement, made official July 30 with an order of dismissal by Benton County circuit court judge John R. Scott, has not been disclosed. However, through its interpleader, Arvest deposited $551,754 — the total value of Smiley’s Arvest stock and stock options — into a registry to be divvied up by the creditors.
An indication of the total amount Smiley might have borrowed from the banks is perhaps evident in a February loan from Delta Trust and Bank for $245,126. Over the course of a 20-loan spree dating back to 2009, that’s about $4.9 million.
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