A Freeburg bank says it is owed more than $106,000 in business loans made to two men from Perry County.
Citizens Community Bank filed a lawsuit Nov. 14 in St. Clair County Circuit Court against Michael J. Sommer and Ryan Neal Sommer.
According to the complaint, Michael and Ryan Sommer borrowed $108,000 from Citizens Community Bank in March 2011 and signed an extension agreement in March of this year. The bank claims the defendants were obligated to repay the entire balance, including principal and interest, to its Freeburg branch before Sept. 4.
However, Citizens Community Bank alleges the Sommers have failed to repay the loan and still owe more than $106,000 with interest and late charges.
Citizens Community Bank asks for a judgment of what it is owed and seeks to proceed with the foreclosure process on its interest in the collateral that the defendants used to secure the loan.
Attorney Myron A. Hanna of Belleville represents the bank.
St. Clair County Circuit Court Case No. 12-L-615
Freeburg bank claims it is owed more than $108K in unpaid loans
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