Madison - St. Clair Record

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Bank sues boating company for $1.8 million in loan payments

By Kari Valence | Oct 12, 2015

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A Marion bank is suing a boating company and its owners for allegedly failing to make payments on a loan deal.

Banterra Bank filed the lawsuit on Sept. 21st in Madison County Circuit Court against Nameoki Village Marine Incorporated, located at 4300 Nameoki Road, Granite City, Michael T. McCormick, and David P. McCormick.

According to the complaint, the plaintiff claims it entered into a series of loan transactions with the defendants, but they've allegedly failed to make payments. Banterra Bank alleges the company established several lines of credit as well as business loans to finance the company, upwards of $1.8 million.

Banterra Bank is asking for seizure and immediate possession of all new and used inventory, all records, all tax returns, and any other books of records, as well as prohibition from further sale of goods. Banterra is also asking for judgement against the defendants for the value of all missing and/or non-existent collateral, full recovery of all court costs, costs of repossession, moving and storage of collateral and records and attorney's fees.

Banterra Bank is represented in the case by James L. Van Winkle of Van Winkle & Van Winkle of McLeansboro.

Madison County Circuit Court case number 15-L-1228

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