UCA Picks Former State Bank Commissioner As Interim Finance Chief
Last updated Tuesday, November 4, 2008 7:39 PM CST in News
By THE MORNING NEWS
LITTLE ROCK -- Beset with financial problems, the University of Central Arkansas has hired a former state bank commissioner as its interim finance chief.
Robert H. "Bunny" Adcock Jr. of Conway began this week serving as the school's interim vice president for financial services, filling the position vacated by the retirement Friday of Paul McLendon.
Adcock served as state bank commissioner from 2003 to 2007 and also was president of the Arkansas Development Finance Authority from 1996 to 1997.
He is vice chairman of the board of directors of Home BancShares, a $2.6 billion holding company with six state-chartered banks in Arkansas and Florida.
"UCA is very fortunate to have someone of Mr. Adcock's experience available to serve in this capacity at this very important juncture," university spokesman Warwick Sabin said Tuesday.
Former university president Lu Hardin stepped down in September amid a furor surrounding a secret $300,000 bonus he received. Later, it was disclosed the university had drawn on a $6 million line of credit without state approval.
The state Higher Education Coordinating Board approved the line of credit retroactively. The school's Board of Trustees later authorized the university to borrow $6 million from a bank and receive a $3.5 million advance in state aid.
Interim university president Tom Courtway told legislators last week the university needed the extra money because of cash-flow problems stemming from rapid growth.
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