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Foreclosure action.

A foreclosure suit recently came calling on the home of Little Rock businessman Walter Quinn. Malvern National Bank claims more than $1.2 million is outstanding on a loan secured by the Riverview Point residence. The loan has been in default since November, according to the bank.

Quinn is a leading shareholder in Rock Bancshares Inc., parent company of Little Rock's $205 million-asset Heartland Bank. He stepped down last year as a bank director and as chairman, president and CEO of Rock Bancshares.

Other defendants in the case are his wife, Terry, and the Quinn Living Trust.

You might recall that Malvern National holds a first mortgage claim on the 7,490-SF house.

Chronologically speaking, Prosperity Bank of El Campo, Texas, filed the first foreclosure action in September and is second in line.

Prosperity is seeking a $1.2 million judgment on a 2012 loan, which is in default.

That debt is tied to a $4.9 million consent judgment in Tulsa's federal court and connected with a 2013 mortgage secured by the house and a string of Quinn's business interests.

Both bank debts are personally guaranteed by the Quinns and their Quinn Living Trust, which owns the residence.

The Prosperity debt began as a pair of delinquent loans associated with Walter Quinn's soured oil and gas investments.

In March, American Express Bank of Salt Lake City sought a default judgment against Walter Quinn for $12,766 owed on credit card charges. The action was taken after he failed to respond to the complaint, which dates back to November.

Caption: The Quinn family's Riverview Point Home has been foreclosed on by Malvern National Bank and Prosperity Bank of El Campo, Texas. [FILE PHOTO]

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Title Annotation:Whispers
Publication:Arkansas Business
Date:Apr 10, 2017
Words:283
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