A St. Clair County publishing company is being sued for allegedly failing to pay back nearly $70,000 in business loans.
Community First Bank filed a lawsuit Oct. 1 in St. Clair County Circuit Court against Timothy Michael Taylor, Kelly M. Hunt and KMH Custom Publishing.
According to the petition, KMH Printing and Publishing borrowed $60,000 from Community First Bank in April 2006. The original promissory note was extended to August 2009, according to the bank. In November 2009, KMH Custom allegedly took over the liability for the loan with the balance just under $60,000 and another extension granted to February 2012.
Community First Bank alleges Hunt signed the original loan as the guarantor of the note and Taylor put up his company, Stifel Nicolaus & Company Inc., as collateral. The bank contends the KMH Custom Publishing has defaulted on the loan. The unpaid balance remains at nearly $70,000 despite demands for payment in full, according to the lawsuit.
The defendants are accused of breach of contract. Community First Bank asks to be paid the balance in full plus interest and court costs. The bank also asks to be allowed to dispose of assets in the Stifel account.
Attorney David L. Antognoli, of Edwardsville, represents the bank.
St. Clair County Circuit Court case number: 14-L-669.