Vista Bank sues former Reagor-Dykes CFO, claims loan default

Vista Bank sues former Reagor-Dykes CFO, claims loan default

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Shane Smith, photo from Reagor Dykes website Shane Smith, photo from Reagor Dykes website
LUBBOCK, Texas -

Vista Bank is suing former Reagor-Dykes chief financial officer Shane Smith for an unpaid loan. The lawsuit is filed in the 237th District Court.

According to Vista's filing, Smith signed for a $200,000 loan in January. The loan matures in January 2019. Vista claims Smith defaulted, with an outstanding balance as of Sept. 18 of $182,258.54 with interest of $88.39 accruing daily.

Vista's lawsuit states Smith has refused to pay.

First Bank & Trust is also suing Smith, along with several other defendants, claiming he was involved in a massive check kiting scheme.

Also, in response to Ford Motor Credit's lawsuit, Reagor-Dykes co-owner Rick Dykes accused Smith of providing false information to Ford Credit as well as Dykes and co-owner Bart Reagor. Dykes questioned the personal and professional relationship Smith maintained with Ford Credit's regional manager who oversaw Ford Credit's financing of Reagor-Dykes.

Dykes' response stated Smith was fired on or around Aug. 1 after he admitted to Dykes and Reagor that he had provided false financial information. Dykes also stated the local United States Attorney's office was then notified, "which has commenced an investigation", according to the filing.

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