Housing

Homebuilder Rhodes sued over past-due loan from failed bank

February 7, 2011 - 5:32 pm

The Federal Deposit Insurance Corp. has sued homebuilder James Rhodes over a $2.6 million, past-due loan from failed Community Bank.

The FDIC, as receiver for Community Bank, is suing over a deficiency, based on Rhodes’ personal guarantee for a loan secured by two lots in Spanish Hills Estates. The government agency also alleges breach of contract. The lawsuit was filed on Feb. 2 in Clark County District Court.

Regulators closed Community Bank in August 2009.

Attempts to reach Rhodes for comment failed.

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