Three more banks sue former Arvest exec over loans

Three more lenders have joined the growing line of banks suing former Arvest Bank executive H. Dennis Smiley Jr. of Rogers.

First National Bank of Fort Smith, Simmons First National Bank of Northwest Arkansas in Rogers and First State Bank of Lonoke filed suit Friday seeking to collect on loans to Smiley. The former CEO of Arvest's operations in Benton County resigned March 13.

According to Arkansas Business, 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.

Read more from Arkansas Business.