Meridian Bank filed suit against Steven Gardner and Patrick Parker in Madison County Circuit Court, alleging the defendants have failed to repay several loans.
According to the complaint filed Feb. 27, the defendants have defaulted on a $110,000 loan made on July 31, 2006. Through Feb. 12, the defendants owe $35,000 in principal plus $10,609.03 in interest, which is accruing at a rate of $8.15 per day.
Meridian also claims the defendants took five seperate loans on Dec. 14, 2005, totaling $541,236.48 which are not in default.
The bank alleges that despite demand for payment, the defendants have refused to make required payments.
Represented by George Marron, III of Highland, Meridian is seeking a total judgment of $480,098.61, plus interest, courts costs and attorney fees.
The case has been assigned to Circuit Judge Andy Matoesian.
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