Centrue claims couple failed to pay $1.4 million note

An Illinois bank claims two Missouri residents owe it more than $1 million after they ceased monthly payments on multiple promissory notes.

Centrue Bank filed a lawsuit Feb. 16 in St. Clair County Circuit Court against Mary W. and Salvatore Conti.

The bank claims the Contis executed a promissory note on Nov. 7, 2003, for $1,424,500. The note required the Contis to make payments beginning in February 2009 and ending in Novemeber 2010, according to the complaint.

Again, on Dec. 18, 2006, the Contis executed a second promissory note for $225,000, which required the Contis to make payments starting in February 2009 and ending in December 2013, the suit states.

The pair executed a third promissory note worth $225,000 on Nov. 19, 2008, the complaint says. Payments on that note should have begun in December 2008 and ended in November, the bank claims.

However, the Contis failed to make their regular monthly payments on all notes in November, December and January, so the bank decided to accelerate the notes on January 22, the suit states.

Still, the Contis failed to make required payments, the complaint says.

"As of January 22, 2010, after application of all credits to date, there was due and owing under Note 1 the principal balance of $755,867.89, together with accrued interest in the amount of $7,390.71, and late charges in the amount of $2,763.84, for a total of $766,022.44," the suit states. "As of January 22, 2010, there is due and owing under Note 2 the principal balance of $152,645.27, together with accrued interest in the amount of $813.05, and late charges in the amount of $702.84, for a total of $154,161.16. As of Jan. 22, 2010, there is due and owing under Note 3 the principal balance of $212,278.94, together with accrued interest in the amount of $4,198.41, and late charges in the amount of $999.98, for a total of $217,477.33."

In addition to the money it says the Contis owe it attorneys' fees, costs and other relief the court deems just.

Llynn K. White and Michelle L. Clardy of Polsinelli Shughart in St. Louis will be representing it.

St. Clair County Circuit Court case number: 10-L-71.