First Security Bank of Searcy wants its 38-acre foreclosure on U.S. 412 removed from Tontitown and annexed into Springdale. And it wants it bad. So bad, in fact, the bank recently filed a lawsuit in Washington County Circuit Court asking a judge to grant its wish.
First Security, the state’s fourth-largest bank at $4.6 billion in total assets, told the court it’s having a tough time selling the acreage, which includes over 84,000 SF of commercial space along one of the busiest corridors in Northwest Arkansas. A big reason the property, on the market since June 2011, has become such an albatross, according to the suit, is due to an inept Tontitown municipal government.
In the suit, First Security says its assessments of Tontitown are based on “observation and investigation,... [ MORE ]