BLOOMINGTON – A bank is suing the Brady brothers for allegedly defaulting on $2 million in loans related to their homebuilding and development companies.
First Financial Bank’s lawsuit, filed June 27 in McLean County court, targets Ed, Bill and Bob Brady and their companies, Web Construction Co., Pinehurst Development Inc., and Brew of Illinois LLC. The bank says the Bradys owe $2.3 million on 13 loans made between 2006 and 2010 by Freestar Bank, which First Financial acquired in December.
The loans ranged in size from $1.2 million to Pinehurst in 2010, to $66,937 to Web Construction in 2008, according to the lawsuit. Ed, Bill and Bob Brady are listed as guarantors — or financial backers — on at least 12 of the loans, the lawsuit claims.
Bill Brady is a state senator and was the IL GOP's gubernatorial candidate in 2010 against Governor Pat Quinn. The rest of the report is HERE.