DOW JONES NEWSWIRES 
 

JPMorgan Chase & Co. (JPM) filed a lawsuit against privately held bank holding company FBOP Corp. over $246 million owed on promissory note, after the company allegedly failed to repay its revolving loan.

According to the lawsuit, which was filed in the U.S. District Court for the Northern District of Illinois, JPMorgan and several other lenders made certain revolving loans to FBOP of at least $246 million, with a maturity date of May 28.

The suit said FBOP was currently in breach of the credit agreement and notes, having failed to pay the total principal amount by the termination date. FBOP first entered the credit agreement in April 2001.

As of the revolving facility termination date, total obligations were at least $247.8 million, according to JPMorgan, which included the principal notes and about $1.56 million in accrued, but unpaid interest and $254,009 in fees and expenses, including attorneys' fees.

Units of Associated Banc-Corp. (ASBC), Bank of America Corp. (BAC), Fifth Third Bancorp (FITB), Marshall & Ilsley Corp. (MI) and United Bank of California are also plaintiffs.

FBOP, which owns banks in Illinois, California, Texas and Arizona, didn't immediately provide a comment on the lawsuit.

-By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com