Vista Bank sues Shane Smith for unpaid loan

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A daily court docket on Thursday showed that Vista Bank sued Shane Smith the day before for an unpaid $200,000 loan.  

UPDATE: On November 1, 2018, Vista Bank requested to non-suit the case. In other words, Vista stopped the lawsuit. The judge allowed Vista to do so without prejudice – meaning Vista has the right to file the lawsuit again if the bank so chooses. 

Related Story: Shane Smith says Vista lawsuit is an attack on him and his family 

Smith is the former Chief Financial Officer for Reagor Dykes. In a completely separate lawsuit, Smith is accused by his former boss, Rick Dykes, of manipulating financial records between Reagor Dykes and Ford Motor Credit Company.

Vista’s lawsuit said Smith took out a personal loan on January 5 and was supposed to make monthly payments starting in February.  The loan was due on January 5, 2019 but could be called or accelerated before that.

The lawsuit said the remaining balance was $182,258.54. It did not say if any amount was unadvanced at the time of the loan.  The interest was described as $88.39 per day. 

The loan itself said, “This loan is unsecured.” 

Vista’s lawsuit said, “Demand has been made upon … Shane Smith to pay such sums…”

It also said, “Notwithstanding demands being made for the payment of the above referenced Note 1, Shane Smith has failed to and refused to pay the Note, and the principal balance of the Note was accelerated.”

Smith lost his job some time around August 1 when Reagor Dykes filed for bankruptcy. A court filing by Rick Dykes said Smith was terminated when “Smith admitted that he had provided false financial information.” has offered Smith the chance to comment.  

CLICK HERE to see the lawsuit Vista Bank v. Shane Smith

Related Stories: Reagor Dykes – extended coverage of the bankruptcy 

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