Former Arvest Bank CEO under investigation for loan fraud

Arkansas Business reports H. Dennis Smiley Jr., the former CEO of Arvest Bank's operations in Benton County, is the subject of a federal criminal investigation for loan fraud.

Dating back to at least 2010, Arkansas Business learned through multiple confidential sources that Smiley allegedly repeatedly pledged the same collateral worth hundreds of thousands of dollars to borrow $4.5 million or more from an estimated 18 different banks.

After bouncing a loan payment on March 10, Smiley resigned from Arvest Bank on March 13.

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