THE STATE’S BUSINESS NEWS AUTHORITY. Eyes on One Bank Layton “Scooter” Stuart, whose home Arkansas was raided by federal agents, isn’t the only former executive of One Bank & Trust whose dealings are under Business investigation. [P14] UPDATED DAILY: ArkansasBusiness.com VOL. 30, NO. 7 FEBRUARY 18-24, 2013 $1.50 Local Focus INSIDE Keeps Radio Profitable By Kate Knable [email protected] Local radio still lives. On Dec. 8, KEWI-AM, 690, of Benton aired the Class 3A State Championship football game pit- ting Glen Rose High School against Harding Academy. Rick Niece Due to heavy traffic to its web- and Higher site, KEWI’s “online stream Education shut down about the time we hit Th e retiring president about 1,500” of the University of online listen- the Ozarks in Clarks- ers, said Grant Grant ville says colleges are Merrill, KEWI’s Merrill working to adapt to a owner and manager. changed learning envi- Merrill bought KEWI, the only ronment. [P22] radio station operating from Saline County, in 2011, joining an indus- try that has managed to remain Award Finalists profitable in Arkansas despite competition from satellite radio, Whispers [P3] Business of the Year – Category I Nonprofi t Organization of the Year limitless iPod playlists and build- A giant bank is w American Data Network presented by AT&T your-own online stations such as w Buff alo Outdoor Center w Bethlehem House Inc. heading to LR. Pandora. w Community Bankers Merchant Services w Cystic Fibrosis Foundation Arkansas Chapter Merrill rents KEWI’s space at w Haag Brown Commercial Real Estate & Development w Economics Arkansas 115 S. Main St. in Benton, where w PC Assistance w Museum of Discovery the station has been for 15 years. w Our House His modest office features ragged Business of the Year – Category II chairs around his desk in the build- w All-Clean USA Nonprofi t Executive of the Year ing’s foyer and a small radio studio. w Kaufman Lumber Co. presented by AT&T His station isn’t rated by radio w PrivacyStar w Matt Dozier, EAST Initiative data aggregator Arbitron, so Merrill w US Compounding w Brian Itzkowitz, Goodwill Industries of Arkansas has no way to know how many lis- w Winter Moving & Storage w Christie Jordan, Food Bank of Northeast Arkansas teners are tuning in to his terres- w Christina Littlejohn, Arkansas Symphony Orchestra trial radio signal at any time. But Business of the Year – Category III w Peggy McCall, Miracle League of Arkansas he does know from Web streaming w Arkansas Surgical Hospital data and listener and advertiser w Arnold & Blevins Electric Co. Business Executive of the Year feedback that if fans can’t attend w Jan-Pro of Arkansas w Sam Alley, VCC a big game or Saline County resi- w Tankersley Food Service w Don Cavenaugh, Cavenaugh Auto Group dents are wondering about severe w TME Inc. w Kevin Lamb, Advanced Tissue weather, then a good many of w Brett Overman, All-Clean USA w Jerry Spears, B&B Solutions RADIO CONTINUED ON PAGE 10 Get tickets to Arkansas’ premier business awards program, Feb. 26 Visit ArkansasBusiness.com/ABOY REMEMBER ING Russell Gunter 1950-2013 It is with heavy hearts that Cross, Gunter, Witherspoon & Galchus, P.C. announces the passing of colleague and friend Russell Gunter. Russell was a founding member of CGWG where he practiced labor and employment law and served as the firm’s managing director for 16 years. Blessed with everything but a long life, he was a loyal friend, patient mentor and trusted advisor whose integrity earned him not only the respect of clients but also that of opposing counsel. His quiet demeanor, analytical skill, positive attitude and strong work ethic were hallmarks of his personality, both within the legal profession and among friends. His gentle presence will be missed by all who knew him. Arkansas Business February 18, 2013 3 Wells Fargo Lands in WLR Think back to November, when Whispers ried with three kids and has been involved in Arkansas noted that a Wells Fargo & Co. corporate jet had youth basketball and Cub Scouts. Business spent several days parked at Searcy Municipal According to a statement from the bank, Airport for reasons unknown. “strong growth in Arkansas” has inspired Wells Now hear this: Fargo to “enhance the financial services it pro- The fourth-largest bank in the country, vides middle market companies” here. Whispers which has to this point limited its lending pres- “In addition to traditional commercial ence in Arkansas to three former Century Bank banking services, technologically advanced For daily news, register at ArkansasBusiness.com/Enews branches in Texarkana and Ashdown, is open- treasury management and asset-based lend- ing what it calls a “commercial banking office” ing, the Little Rock team will offer specialized Competitive Remedy either side of a $3 million trans- in west Little Rock this month and is bringing lending for government, food and agriculture,” Another independent phar- action in North Little Rock. BBR in an experienced hand from St. Louis to run it. the company said. macy is surfacing in the wake of Oil IV LLC, led by David Barker, That would be Kevin Handley, a loan team last year’s USA Drug chain sale to purchased the Kum & Go project manager and senior relation- Walgreens. at 8801 Maumelle Blvd. from KG ship manager whose region Acquisition Inquisition Two former USA Drug phar- Store 153 LLC. has included both Missouri Last fall, when that jet was parked at Searcy, macists, Laura Lumsden and w Bailey’s Tunnel Wash LLC, and Arkansas. one of its passengers was rumored to have told Philip Way, are opening Remedy led by John Bailey, bought the w He’ll be setting up shop a local that the group was on a bank-buying Drug at 8511 W. Markham St. on Boomerang Car Wash project at temporarily in the Wells Fargo mission. And, of course, there could have been Feb. 19. 7900 Highway 107 in Sherwood Advisors building at 12921 some truth to that. The 4,000-SF location is in for $2.4 million. Seller: 1908 Cantrell Road. But Jack Milligan, editor of Bank Director space that formerly housed Investments LLC, led by Mark Kevin w He intends to hire two magazine, noted last month that “traditional Paul Bunyan’s big and tall men’s McCaslin. Handley “relationship managers” and acquirers like JPMorgan Chase & Co., Bank of clothing and accessories. w Meanwhile in west Little one “relationship administrator.” (The sound America Corp. and Wells Fargo & Co.” sim- Remedy marks the first Rock, Kanti and Nila Sharolia you hear is 100 commercial lenders printing ply haven’t been buying. One good reason, new independent pharmacy to acquired an 11,694-SF Hickory out their resumes.) Milligan wrote, is that “JPMorgan and Wells crop up in Little Rock since the Hills manor from Henrietta w He will move that team to separate offices Fargo are dangerously close to the 10 percent Walgreens acquisition and con- Williams for $1.6 million. in mid-2013, but it seems no permanent home nationwide cap on bank deposits — and Bank of solidation of USA Drug stores. w Full Harvest Agricultural has been settled on. (Leasing agents, start your America actually exceeds it by 2.62 percent … .” REIT II Inc. of Clarksdale, Miss., cellphones.) It may be that Wells Fargo will be content purchased 415 acres in south- Handley has a bachelor’s degree from with three branches in southwest Arkansas Seven-Digit Transactions east Pulaski County for $1.5 mil- Missouri State University and an MBA from and a commercial loan production office in Did someone say million- lion. Most of the farmland is at Washington University at St. Louis. He’s mar- Little Rock. n dollar deals? w Iowa City ventures were on WHISPERS CONTINUED ON PAGE 4 OUTRAGEOUS HONOREES Greg Hatcher Amy Hill-Imler President and CEO | The Hatcher Agency Celebrated Arkansas Artist Thursday, March 14 • 5:30 p.m. Pulaski Technical College • Campus Center Grand Hall • 3000 West Scenic Drive • North Little Rock Tickets are $75. To purchase tickets, visit www.pulaskitechevents.com or call Yvette Parker at (501) 812-2771. Presenting Sponsor Big Dog Ventures, LLC John and Matthews Dr. Glenn R. and Properties, LLC Janet Davis Karen Flake Dr. James T. Rick Phyllis and Eva Pappas Angel Brown 4 February 18, 2013 Arkansas BusinessWHISPERS WHISPERS CONTINUED FROM PAGE 3 Simmons First National Corp. of Pine Bluff earned $27.7 million on assets of the southwest corner of Allison Loop and $3.53 billion. Allison Road. Publicly traded First Federal Seller: Webb Family Farm LLC, led by Bancshares of Harrison hadn’t issued an Marilyn Webb Buffalo and Jim Webb. earnings statement as of Thursday, but its w Pine Forest Apartments LLC bought bank earned $1.28 million, according to a its namesake 28-unit project at 301 call report filed with the Federal Financial N. Pine Forest Drive in Maumelle for Institutions Examination Council. $1.4 million. Sellers: Glenn and Leanna Meanwhile, the two biggest private- McClendon. ly owned banks chartered in Arkansas The new ownership group includes combined for more profit than all four Jason Bolden, C.W. Freedman, Paul publicly traded banks put together: Sheptow, Paul M. Sheptow Revocable Arvest Bank of Fayetteville earned Trust and Bradford Family Revocable $98.1 million on assets of $13.2 billion; Trust, led by Robert Henry Bradford Jr. and and his wife, Sandra. The earnings champion, First Security Bank of Searcy, reported net income of almost $98.4 million on assets of $4.03 bil- Nursing Home Suit lion — almost identical A pharmaceutical company is suing to Bank of the Ozarks’.