Arkansas Business this weeks breaks news of a potentially devasting blow to First Southern Bank of Batesville. It may have bought $22 million worth of fraudulent rural improvement district bonds, an amount sufficient to just about wipe out its equity capital. The bank may be looking for a merger partner.

Unavailable for comment: Kevin Lewis, a Searcy lawyer with a million-dollar Chenal Valley home who, the article says, sold the bank the bonds. His phones have been disconnected.

Advertisement

More to come: First Southern may not have been the only bank to buy dubious bonds.

Arkansas Times: Your voice in the fight

Are you tired of watered-down news and biased reporting? The Arkansas Times has been fighting for truth and justice for 50 years. As an alternative newspaper in Little Rock, we are tough, determined, and unafraid to take on powerful forces. With over 63,000 Facebook followers, 58,000 Twitter followers, 35,000 Arkansas blog followers, and 70,000 daily email blasts, we are making a difference. But we can't do it without you. Join the 3,400 paid subscribers who support our great journalism and help us hire more writers. Sign up for a subscription today or make a donation of as little as $1 and help keep the Arkansas Times feisty for years to come.

Previous article The worm turns on Obama Next article Counter-productive, yes. But right?