The Norman Transcript

June 15, 2013

Bank moves to foreclose on club

The Associated Press

OKLAHOMA CITY — Oklahoma City-based First Liberty Bank has moved to foreclose on the Arkansas-based owners of Gaillardia Golf and Country Club in Oklahoma City.

Bank president and CEO Joey Root told The Oklahoman that the club “faces a variety of financial challenges.” Court documents that Gallardia owes more than $1.5 million to the bank— plus more than $19,000 in interest on loans in 2012 and 2013.

The club was bought in 2002 by Little Rock-based Herrington Inc. for $9.1 million from a subsidiary of the Oklahoma Publishing Company. Businessman Phil Herrington told the newspaper that the club isn’t for sale and that there are no plans to file for bankruptcy.

The bank’s filing asks a judge to appoint a receiver to take control of the country club and its golf course.