Vista Bank Seeks Judge’s Ruling in Reagor-Dykes Bankruptcy Case
Vista Bank is accusing the Reagor-Dykes Auto Group of defaulting on a $2 million dollar loan.
According to KAMC News, court documents filed Monday suggest that Reagor-Dykes obtained the loan from Vista Bank on June 6th of 2017. The initial terms of the $2 million dollar loan required Reagor-Dykes to repay it with interest by June 6th of 2018.
However, sometime in June 2018 the repayment deadline was extended by another year. But after several Reagor-Dykes companies filed for bankruptcy on August 1st, the loan became in default, according to Vista Bank.
The bank has now filed court documents requesting that a bankruptcy judge allow them to take possession of a certificate of deposit worth $2 million dollars, which they say was used as collateral by Reagor-Dykes to obtain the loan over a year ago.