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More on Maynard.

The party line on the resignation of W. Neil Maynard as chairman, president and chief executive officer of First National Bank of Stuttgart was that he wanted "to pursue other business interests."

We told you that last week.

Now, details are cropping up that suggest otherwise.

We also told you last week that net income at the bank went from $1 million in 1989 to half that in 1990.

This week we learn that First National Bank is involved in a $15 million lawsuit filed by Stuttgart residents William and Ellen Marks.

It seems the couple filed a counterclaim against the bank after the financial institution intervened in an adversary proceeding. The two had rented property that eventually was foreclosed on by the Stuttgart bank. When they wanted to reclaim assets remaining on the property, the bank stepped in.

According to an attorney handling the case, the complex issue will come to trial in the spring.

How does Maynard fit in?

He was CEO when the action was filed last spring.

Is it enough to drive him away?

Our sources say probably not -- unless it is one of many other legal tangles.

More to come.
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Title Annotation:W. Neil Maynard, former president and chief executive officer of First National Bank of Stuttgart
Publication:Arkansas Business
Date:Oct 28, 1991
Words:195
Previous Article:Lafayette, he has returned.
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