Arrested development in Greenwood

By DAVID MARTIN

This week’s column explores the trials and tribulations of an Olathe-based bank whose founder is of the mind that Jesus winks at the deposits as they come in. The bank, Security Savings, has posted losses in recent quarters, and investors in the bank’s holding company have filed a lawsuit claiming fraud.

One source of the bank’s problems is a 2004 loan made to a development in Greenwood, off Missouri Highway 150. The developer, Benny Vance, planned to build homes, ranging in price from $300,000 to $700,000, around a golf course. Security Savings lent the project more than $8 million.