NEWS IN BRIEF

— FDIC fines ex-officer at bank $50,000

The Federal Deposit Insurance Corp. has ordered Bradley Payne, formerly president of Bank of the Ozarks’ Russellville division, to pay a fine of $50,000 for fraudulent activity at the bank, the federal regulator said Friday.

The FDIC issued the order against Payne on June 15, but it wasn’t publicized until Friday.

Payne, who didn’t admit or deny any wrongdoing, also was told he could not work for another financial institution. Attempts to contact Payne were unsuccessful.

The three-page order of removal and a two-page “order to pay” did not describe the events surrounding the allegations.

Payne’s employment with Bank of the Ozarks ended in November 2007, said Susan Blair, a spokesman for the bank.

“It would be inappropriate for us to discuss further the circumstances regarding his separation,” Blair said.

P.A.M. wins federal alternative-fuel grant

P.A.M. Transportation Services Inc. has been awarded a U.S. Department of Energy grant to help fund alternative-fuel vehicles and alternativefuel infrastructure, the Tontitown-based trucking company said in a news release Friday.

The grant is a costshare project for 27 tractors powered by compressed natural gas to operate in the Dallas-Fort Worth metropolitan area, and for a commercial “public” access Fast Fill compressed-natural-gas refueling station to be located at 909 Duncan Perry Road in Arlington, Texas.

The grant award of $2.3 million was a portion of the $13.2 million awarded to the North Central Texas Council of Governments.

The grant money will help the region fund 382 fuelefficient vehicles and 11 refueling stations.

Once implemented, the north Texas projects are expected to save nearly 1.3 million gallons of petroleum fuels, improve air quality and create jobs.

Arkansas Index dips as Baldor falls 2.9%

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.98 to 177.68 on Friday.

Eight stocks advanced and nine declined.

Tyson Foods climbed about 1 percent in light trading. Baldor Electric fell 2.9 percent in heavy trading.

For the week, 13 stocks lost ground and four improved.

Home BancShares was up 6.8 percent for the week. Simmons First National fell 4.7 percent for the week.

Volume was 29.9 million shares Friday, compared with average volume of 26.6 million shares.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business, Pages 25 on 07/31/2010

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