FCB sues Oakwood Property Group over unpaid loans

Andrea Dearden Nov. 16, 2010, 5:47am

A St. Clair County bank claims the owners of a local real estate development company owe more than $420,000 in unpaid loans.

First Collinsville Bank filed a lawsuit against Oakwood Property Group LLC, Kurt K. Kloss and Tracy L. Kloss on Oct. 28 in St Clair County Circuit Court.

According to the complaint, First Collinsville Bank made several loans to Oakwood and the Klosses starting in September 2005. The bank says the first loan was for $545,000. The second loan, executed in June 2007, was for $324,800. The third loan, the bank claims, was made in October 2007 and totaled nearly $85,000. For each of the loans, Oakwood allegedly agreed to the terms and conditions but failed to make the required payments.

First Collinsville Bank is asking Oakwood pay more than $421,000, which includes the unpaid loans, interest and late charges.

Attorney Mark M. Silvermintz of East St. Louis is representing the lender.

St. Clair County Circuit Court case No. 10-2574

More News