EDWARDSVILLE — A Carlinville bank claims an athletic retail business defaulted on a $6.5 million loan.
CNB Bank & Trust N.A., formerly known as Carlinville National Bank, filed a complaint Sept. 23 in the Madison County Circuit Court against First To The Finish Kim and Mike Viano Sports Inc., (FTTF) Michael Viano and Kim Viano.
According to CNB's complaint, the defendants operate First to the Finish and occupy a warehouse in Carlinville to sell running shoes, sports clothing and athletic equipment to retailers. CNB alleges that on May 17, 2018, it extended a loan to the defendants in the amount of $6.5 million that matured on May 24, 2019. CNB alleges First to the Finish did not pay the balance on the loan on its maturity date which was extended to Aug. 26, 2019, and then extended again until Oct. 26, 2019.
The bank claims that as of Sept. 8, 2020, First to the Finish owed the plaintiff $7,703,085.29, which includes the principal of $6.5 million as well as "interest through said date of $1,202,998.56 and late charges of $586.73."
CNB claims in its complaint that according to the loan agreement, the required monthly payment on the loan was $22,509.71. They also allege that "interest continues to accrue on the unpaid principal balance at a rate of $313.2488 per day" after Sept. 8.
CNB seeks monetary compensation and all other just relief. It is represented by Steven Wallace of Silver Lake Group LTD in Glen Carbon.
Madison County Circuit Court case number 20-L-00135