Racine Co. ministry files for bankruptcy
MOUNT PLEASANT (AP) — A ministry in Racine County hopes to keep its church and continue its services by filing for bankruptcy reorganization.
Tri City National Bank has asked True Life Ministries to pay its $4 million construction loan or turn over its building in Mount Pleasant. Tri City recently took over the church’s loan when the Bank of Elmwood was forced to shut down and transfer its assets.
Pastor Jeff Butler says Tri City’s request is “hostile” and “callous.” Butler says the bank is no longer treating the church as trustworthy customers, but as “usurious debt slaves.”
Butler broke the news to the congregation Sunday, September 23rd, and told members the church would be filing for bankruptcy. Tri City did not immediately return a call seeking comment.