An Oklahoma bank has filed a foreclosure complaint in Clark County, Arkansas against a land company that owns one of two Dollar General locations in Arkadelphia.
Armstrong Bank is going after R.C.S. Land Company LLC and its owner, Fort Smith developer Richard Srygley, for $533,000 in unpaid loans the bank awarded, including interest, in a 2019 mortgage on the property.
The storefront at 1301 N. 10th Street is also home to the XOXO Impressions boutique. Both tenants are named as defendants.
A foreclosure wouldn’t necessarily lead to either business shutting their doors. Should the bank take possession of the property the state land commissioner would hold a public auction for a new buyer.
Arkadelphia is home to two Dollar General locations. A second store, at 2727 Caddo St. adjacent to Atwoods, is not part of the foreclosure suit.
Arkansas Business reported in 2015 that RCS Land Co. sold two former DG locations in Northwest Arkansas to the Tamarron Investment Group.
The mortgage foreclosure was filed in Clark County Circuit Court. Judge Blake Batson will make a ruling in the case.