Vista Bank: Bart Reagor personally liable for $1.5 million in lo

Vista Bank: Bart Reagor personally liable for $1.5 million in loan

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LUBBOCK, Texas -

In a new lawsuit filed in Lubbock County court Friday, Vista Bank claims Bart Reagor is personally liable for a multi-million dollar unsecured loan the Reagor-Dykes Auto Group defaulted on when it reportedly failed to make payments and declared bankruptcy in August.

Vista Bank files against Reagor individually, citing its commercial guaranty holds the co-owner responsible for paying off $1,448,401.23 out of a $3 million loan issued in May 2017. Vista reports the last payment was July 6, 2018.  While co-owner Rick Dykes signed the promissory note, only Reagor's name and signature is on the commercial guaranty.

The bank also notes the promissory note entitles Vista Bank to recoup interest, attorney's fees and court costs associated with the lawsuit, which would drive up the amount the court could order Reagor to pay.

In a statement, the bank's attorneys indicate "Mr. Reagor ignored multiple attempts to have him fulfill his personal obligations. Though not adding to Vista's overall exposure with regards to Reagor-Dykes Auto Group, this lawsuit became a necessary step in recovery."

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