Compass Bank files second suit against local resident to recover $150K loan
Compass Bank has filed a second suit against Michael McCown, claiming he failed to repay a loan.
The first complaint was filed Jan. 30 in Jefferson County District Court. The second was filed April 29.
In Both suits, the bank claims it lent MM Interests $150,000 on Aug. 9, 2006. Defendant Michael McCown guaranteed to repay Compass the full value of the loan, including interest, if MM Interests defaulted on it.
At some point, MM Interests defaulted on the note.
Compass Bank demanded repayment of the money from McCown, but he has failed to reimburse the company, the suit states.
The last payment made came on Aug. 9, 2010.
In addition to the money it says it is owed, the bank is seeking other relief the court deems just.
Compass is represented by Michael A. McCauley of Gary, Thomasson, Hall and Marks in Corpus Christi.
Judge Gary Sanderson, 6oth District Court, is assigned to the case.
Case No. B194-289