PHILIPPI, W.Va. — Alderson Broaddus University is in default on repayment of millions of dollars in bonds, according to bond documents and a local bank official.
Jeffrey Goff, president and CEO of BCBank in Philippi, said ABU did not make required payments after either the second or the third quarter, resulting in an $18,750 loss in interest for the bank so far.
The university technically has three loans in the form of bonds, according to Goff. A group of Series A bonds amounts to $34.275 million; several Series B bonds total $2.51 million; and Series C bonds total $680,000.
Ashley Mittelmeier, director of marketing and communications at ABU, confirmed that the university is experiencing financial difficulties.
“We have indeed missed bond payments…