All articles tagged with #bmo bank
A lender has filed a foreclosure lawsuit against Summit Brewing Company for more than $8 million in unpaid debt, seeking a court-appointed receiver after Summit allegedly missed a loan payment and signaled deteriorating liquidity despite a forbearance through July. Summit says it will continue daily operations while pursuing alternative paths with outside advisors, and no court date has yet been scheduled.
Summit Brewing Co. of St. Paul faces foreclosure after defaulting on more than $8.2 million in debt to Chicago-based BMO Bank. The lender has filed a lawsuit seeking to foreclose and appoint a receiver, with a mortgage on Summit’s property and pledges on equipment and intellectual property driving the collateral. Summit entered a forbearance that allowed a July payoff deadline but could not meet it, and BMO ended the forbearance and demanded full repayment; Summit says it remains operating while the case proceeds as leadership weighs options in a challenging craft-beer market.
BMO Bank, Northern Trust, and Wintrust will have to pay for the Federal Deposit Insurance Corp.'s rescue of uninsured depositors in failed Silicon Valley Bank and two other regional lenders that recently went bust. The FDIC proposed a special assessment that will hit a little over 110 of the nation's largest banks, with the three local players falling into this category. If the assessment is finalized, the three banks will be on the hook for a collective $429 million over two years beginning in 2024.