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BANK OF EVENING SHADE v. LINDSEY

No. 82-84.

644 S.W.2d 920 (1983)

278 Ark. 132

BANK OF EVENING SHADE, Appellant, v. Gene F. LINDSEY et ux., Appellees.

Supreme Court of Arkansas.

Rehearing Denied February 14, 1983.

Attorney(s) appearing for the Case

David Hodges, Newport, and Phil Farris, Batesville, for appellant.

Rose Law Firm by Herbert C. Rule, III and Gary J. Garrett, Little Rock, amicus curiae for Worthen Bank.

Owens, McHaney & Calhoun by James M. McHaney, Little Rock, amicus curiae for Arkansas Bankers Ass'n.

Harkey, Walmsley, Belew & Blankenship by Leroy Blankenship, Batesville, for appellees.

HAYS, Justice.

This litigation began when Mr. and Mrs. Gene Lindsey, appellees, filed suit against the Bank of Evening Shade, appellant, alleging the bank had charged eighteen percent interest on an April 11, 1980 loan of $20,607.20, which they claimed was excessive under the Federal Deposit Insurance Act, and seeking judgment of twice the amount of interest paid. The bank answered that eighteen percent interest was permissible under the Depository Institutions Deregulation...

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