Ark. Bank Co. Enters Ch. 11 With $16M Recapitalization Offer

Law360, New York (July 08, 2013, 7:43 PM ET) -- The holding company for Arkansas-based Metropolitan National Bank on Friday entered Chapter 11 bankruptcy following years of mortgage-related losses and announced a $16 million recapitalization offer from a Texas-based private equity firm.

Rogers Bancshares Inc. filed its petition in the U.S. Bankruptcy Court for the Eastern District of Arkansas, blaming the 2008 economic and housing crisis for its lingering financial problems, which include more than $100 million in nonperforming mortgage loans. The company has about $92.5 million in debt.

LR Acquisition Co. LLC, a wholly owned...
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