LUBBOCK, TX (KCBD) - International Bank of Commerce Oklahoma filed a petition against several Reagor Dykes companies and personally against Bart Reagor and Rick Dykes on Wednesday, claiming they have defaulted on millions of dollars worth of loans and promissory notes.
The petition lists 10 promissory notes loan agreements, and guaranty agreements totaling more than $35 million.
The complaint states that the RDAG companies "have failed and refused to fulfill their obligations under the Guaranty Agreements" and are liable for overdrafts on their deposit accounts.
IBC says they foreclosed on multiple Reagor Dykes properties that were pledged as collateral on May 7 but they say the total value of foreclosure proceeds amounted to $16,421,000.
IBC says RDAG, Dykes and Reagor still owe approximately $26 million on guaranty obligations owed to IBC after application of all foreclosure proceeds, payments, credits and offsets as of May 7, 2019.