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“Banks – Friends or Foes?” by Bradley Small

Chances are, you will have to rely on a bank during your lifetime. You may need a loan for a business, home or for personal expenses. Don’t let the media’s portrayal of banks make you hesitant about seeking a banking professional. I can assure you that the banking industry really tries to help its customers. As an attorney at Mathis, Marifian & Richter, Ltd., I spend a great deal of my time representing banks and with clients dealing with banks.

It is always a good idea to have all bank documents, including loan documents, reviewed by a lawyer since some are very complex. All will be better served if both sides understand the rights and obligations under any bank document.

If a bank loan becomes delinquent, communication between the customer and the bank is key. Generally if both sides are communicating, most issues can be resolved. The bank wants its money back, and the customer wants to perform under the loan. Many times a change in terms agreement/modification can be agreed upon between the parties to accomplish this.

Are you about to enter into an agreement with a bank? Look to us as your information source. With attorneys practicing in Belleville, Edwardsville, Nashville and Clayton in a vast number of practice areas, we know we can assist.

Bradley W. Small is a shareholder at Mathis, Marifian & Richter who practices in both Belleville and Nashville, Illinois as well as various parts of Southern Illinois. He focuses his practice in estate planning, banking law, commercial litigation, bankruptcy, real estate law, and wills and trusts. With over 35 years in the banking industry under his belt, Brad was recently appointed as the secretary of the Illinois State Bar Association Commercial Banking, Collections, and Bankruptcy Section.

Professional Services Disclaimer: Please note that the information presented here is as an educational service, and while it contains information about legal issues, it is not legal advice. No warranty is made regarding the applicability of the information presented to a particular client situation, and the information set forth is not a substitute for original legal research, analysis and drafting for a particular client situation.