An Edwardsville bank claims a painting company and four individuals have failed to repay more than $100,000 they owe for money they borrowed.
The Bank of Edwardsville filed a lawsuit Oct. 8 in Madison County Circuit Court against Elite Painters, Kevan L. Zini, Carrie L. Zini, Jeffrey A. Cummings and Jill L. Cummings.
The Bank of Edwardsville claims Elite Painters executed a promissory note on Jan. 30, 2008, for $100,000.
Under the terms of the note, Elite Painters was supposed to begin making payments on March 1, 2008, and to have the note and all of its interest paid off by Feb. 1, according to the complaint.
On Feb. 1, though, Elite Painters delivered a change in terms agreement to the bank to refinance the loan, the suit states.
Still, by July 16, Elite Painters remained in default, so the Bank of Edwardsville accelerated maturity of the loan on Aug. 31, the complaint says.
The Bank of Edwardsville claims it still has not received money from Elite Painters. By delivering the note to the bank, the remaining defendants are also responsible for its payment, the suit states.
"As of September 30, 2009, a principal balance of $99,871.93 remains due on the Note, together with accrued interest in the amount of $392.92, and which continues to accrue at the rate of $12.997 per day," the suit states.
In addition to the money it says it is owed, the bank is seeking attorney's fees and legal costs.
Myron A. Hanna of Hanna and Volmert in Belleville will be representing it.
Madison County Circuit Court case number: 09-L-1072.
Bank of Edwardsville seeks to recover unpaid loan
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