The Garrett State Bank

GARRETT STATE BANK IS CRIMINAL

I hate to have to do this, but I'm left with no choice at this point. This is my warning to not use Garrett State Bank while Mike Tullis is the president there. This is my experience....Embarrassing as it is to let you all in on what's happening, I feel that the whole story is necessary to give you a picture of what is happening...

My husband has had to make the difficult decision to close his construction company. It has been a hard road and he's done everything possible to keep it running with the hopes that it would one day be profitable, but sadly underground utility construction is full of a lot of risk and in our experience a lot of heart ache. On October 19th I went in and paid off 2 loans after the sale of business equipment and the remainder toward a third loan at Garrett State Bank. The first was the only one that had my name on it as a co-signor. He has been selling off as much equipment to pay off as many creditors as possible and salvage as many relationships as he can. Founders was a small business doing the best it could, but covid caused a lot of issues and then one of our machines was pirated of all the electronics while sitting on a job site and of course insurance paid $20k of the $85k worth of damage done. Limping along for over a year, down a large piece of equipment, he just could not recover. We have followed the advice of the attorney to sell off equipment and pay off as many debtors as possible and then if necessary, file bankruptcy on any remainder because if he let's the equipment go back, they won't sell the equipment for nearly as much and he wouldn't be able to pay anyone off or salvage any relationships. I personally took in this payment to pay off as much as possible, starting with the one that had my name on it so I wouldn't be tied to it, plus it is the oldest loan and common sense and wisdom says to pay off loans to reduce late fees and interest, so we did. Mike Tullis, the president of the bank, then backed out the payment and reallocated the funds as he saw fit between the total loans we have there. I cannot see how this is legal, but it is 1000% shady!!! I can't find who to go to above him.

I received a statement in the mail with a balance on this and called the bank to see where the mistake was and that's when I found out what Mike did. I then went in to the bank to ask for copies of the statement including when the payment was posted (I have a receipt that shows it was paid off) and when it was backed out as well as loan documentation that allowed him to do this. The teller would not give it to me (I believe Mike flagged the account or locked it so no one could) and then I was told I had to speak to him directly for anything I wanted (he wasn't even in the branch to give me what I asked for). Then he emailed it, a tiny little thumbprint view that isn't viewable and I can't blow it up to read it without it being blurry. What do I do?

Also, I have 5 mortgages with GSB on rental properties, separate from the construction business, and I logged into my account today and something told me to just check them, so I did. I pulled up all the details and each one is weird. A normal mortgage your payment is divided into sections where each month the principle portion gets larger and the interest portion gets smaller. Yet somehow, that is not the case. It's not because of the day either, these are all on autopay with the money coming out on the same day each month. For instance, one of the loans, here is the principle/interest amount paid the 22nd of each month...
March - P-534.62/I-739.37
April - P-405.77/I-868.22
May - P-539.37/I-734.62
June - P-463.68/I-810.31
July - P-440-22/I-833.77
August - P-520.69/I-753.30
September - P-471.66/I-802.33
October - P-474.30/I-799.69
Every single loan I have is like that and I have the statements to prove it. That's not how amortization works!

I'm left with nothing I can do except share my experience so no one else is subject to this institutions shenanigans. I will let everyone know that I possibly can until it is corrected and Mike puts the money back. Preferably he loses his job because he is bad news.