ROCKFORD, Ill. – The Faith Center, which launched a $7.5-million expansion in 2007, has filed for bankruptcy protection, the latest in a growing list of troubled church borrowers from Evangelical Christian CU.
The Chapter 11 filing shows the church owes $4.17 million to the California credit union, and $5.3 million to Rockford’s Sjostrom & Sons Inc for the 82,000-square-foot sanctuary shell that was designed to hold 2,000 people.
About 1,000 people attend the church each Sunday.
“Without taking this preventative measure, [Evangelical Christian Credit Union] would be in a position to create a scenario in which Sjostrom & Sons and the subcontractors would not receive any payments, causing even further hardship on their businesses and employees,” said Don Lyon, the senior pastor.
