FINANCIAL_SERVICESONGOING

Town Manages Settled Loan With BB&T Governmental Finance

The Town of Spring Lake continues managing a $3.5 million loan originally issued by BB&T Governmental Finance, now Truist Bank, for 160 acres of economic development property. The Town negotiated a settlement of $450,000, purchased the note for $150,000, and is pursuing foreclosure to transfer the land into Town ownership with approximately $2.9 million in debt forgiven.

Status
ONGOING
Document date
November 24, 2025
Contract type
FINANCIAL_SERVICES
Vendor
Bb&t Governmental Finance
Agency
Town of Spring Lake · MI

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$3.5 million (settled for $450,000; Town purchased note for $150,000)
Contract type
FINANCIAL_SERVICES
Renewal
Original loan defaulted; Town negotiated settlement with successor institution Truist Bank and is purchasing the note as part of a foreclosure process. No renewal terms mentioned.
Document type
Minutes
Source document
Town of Spring Lake Work Session Meeting Minutes November 24, 2025

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Town of Spring Lake?

Bb&t Governmental Finance was awarded this financial services contract by Town of Spring Lake, as recorded on November 24, 2025. The contract value is $3.5 million (settled for $450,000; Town purchased note for $150,000).

How much is the Bb&t Governmental Finance contract with Town of Spring Lake worth?

The Bb&t Governmental Finance contract with Town of Spring Lake is valued at $3.5 million (settled for $450,000; Town purchased note for $150,000), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in Town of Spring Lake Work Session Meeting Minutes November 24, 2025 (Minutes), dated November 24, 2025 from Town of Spring Lake. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Bb&t Governmental Finance hold?

Bb&t Governmental Finance may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Bb&t Governmental Finance's profile

What is Town of Spring Lake currently buying?

Explore Town of Spring Lake's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

View Town of Spring Lake's profile

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