First Mid-Illinois seeks repayment of loan
A bank has filed suit against the St. Jacob man who it claims failed to repay more than $200,000 in loans.
First Mid-Illinois Bank and Trust claims it lent R&G Development $115,000 on March 9, 2007, and $75,000 on June 26, 2007. Defendant Gregory Hirsch guaranteed repayment of both notes, according to the complaint filed March 9 in Madison County Circuit Court.
Since then, however, R&G and Hirsch have failed to make payments on the principal and interest due, the suit states.
They owe $113,460 in principal and $20,350.69 in interest on the March 9 note and $17,474.60 in principal and $13,013.49 in interest on the June 26 note, the complaint says.
In its suit, First Mid-Illinois is seeking the money it says it is owed, plus attorney's fees, costs and interest.
George E. Marion III of Highland will be representing it.
Madison County Circuit Court case number: 11-L-218.