Bank of Edwardsville seeks repayment of business loan

A bank has filed suit against the company that it claims failed to repay it more than $400,000.

The Bank of Edwardsville claims it lent defendant Gateway Fluid Power money on two separate occasions. On March 17, 2006, the bank loaned Gateway $400,000, and on Jan. 11, 2007, it lent $545,000 to the company, according to the complaint filed Nov. 2 in Madison County Circuit Court.

Gateway still owes the bank $442,475.94, plus interest of $11,287.50, the suit states.

It also owes the bank overdraft fees of $533.81 after overextending its business account, the complaint says.

In addition to Gateway, the bank names Mark A. Beaver and Stacey A. Beaver as defendants, saying they promised to repay any amounts Gateway failed to pay on the loans. However, the Beavers have failed to do so, the complaint says.

In addition to the money it says Gateway and the Beavers owe it, the bank is seeking interest, costs and other relief the court deems just.

It will be represented by Myron A. Hanna of Hanna and Volmert in Belleville.

Madison County Circuit Court case number: 11-L-1144.