A Madison County investment company is accused of failing to repay more than $1 million dollars worth of loans to a local bank.
First Clover Leaf Bank filed a lawsuit Sept. 16 in Madison County Circuit Court against Shaun R. Hayes and Shaw Credit Investments LLC.
According to the complaint, Shaw Credit Investments borrowed nearly $2 million from First Clover Leaf Bank in July 2008. The bank alleges Shaw Credit defaulted on those loans. First Clover Leaf contends the defendants still owe more than $1 million.
First Clover Leaf asks to repaid what is left of the loan principal plus interest and court costs.
Attorney David L. Antognoli of Edwardsville is representing the bank.
Madison County Circuit Court case No. 11-L-931