Business

Wheatland Bank sues former CEO

Posted January 06, 2010 10:00 pm

Wheatland Bank in Naperville has sued its former CEO Michael Sykes for allegedly misleading the bank into doing shaky loans and then guiding those customers to another lending group that he owned, according to a Crain's Chicago Business report Wednesday. The lawsuit, filed Dec. 21 in Cook County Circuit Court, names Sykes, along with Arthur Sundry, a commercial real estate developer, shareholder and board member and Edward Eisbury, a shareholder. According to the report, the documents alleged that the three men co-owned a Naperville business called Mezzanine Finance LLC that made loans to commercial real estate developers at high rates. They then allegedly arranged loans from Wheatland that helped borrowers pay back the money they owned Mezzanine Finance. Sykes reportedly resigned as CEO last June and Sundry left the board last July. Both remain shareholders, the report said.

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