First Collinsville Bank sues over unpaid loan
First Collinsville Bank is suing a borrower it says owes nearly $70,000 after defaulting on a loan.
The bank filed the complaint against Eric A. Wood on April 11 in Madison County Circuit Court.
According to the complaint, Wood borrowed money from First Collinsville Bank and executed a promissory note in October 2006 agreeing to repay the full amount. In October 2009, the lender says both sides agreed to a modification and extension of the note.
Despite the signed promise of payment, First Collinsville Bank says Wood has defaulted on the loan that matured Oct. 15, 2011. The lender says Wood owes $69,867 plus expenses and attorney fees. It says the borrower is also being charged additional interest each day the loan is outstanding.
First Collinsville Bank is asking to be awarded the entire amount owed plus interest, fees and court costs.
Attorney Mark M. Silvermitz of Collinsville is representing the lender.
Madison County Circuit Court Case No. 12-L-449