A Belleville construction company is accused of failing to pay back a $150,000 loan.
Commerce Bank filed a lawsuit Feb. 28 in St. Clair County Circuit Court against Genco Construction Company Inc., Joseph C. Paul and Jayne M. Paul.
According to the complaint, Genco Construction borrowed $150,000 from Commerce Bank in November 2011 with the promise to repay the loan by November 2012. As of Feb. 13, the bank claims a principal balance of more than $100,000 is still outstanding. Including unpaid interest and late fees, Genco Construction allegedly owes more than $102,000.
Commerce Bank says the Pauls are liable for the debt, each having signed a commercial guaranty agreement in January 2007. The bank asks for a judgment of the balance owed plus costs of the lawsuit.
Attorney Deborah J. Volmer of Belleville represents Commerce Bank.
St. Clair County Circuit Court Case No. 13-L-108