Peoples Trust & Savings Bank should call in a $4.4 million loan to a company controlled by developer Bob Knapp, according to a lawsuit filed in U.S. District Court in Des Moines.

American State Bank and Trust Co. of Great Bend, Kan., said it signed a participation agreement on the loan, which was made in January 2004 to Knapp’s Oakmoor Management Co. Inc. for improvements to the building at 800 Locust St. that houses The Suites of 800 Locust.

Under the terms of the loan, Peoples Trust & Savings Bank of Adel was to collect timely financial reports from Oakmoor and could call in the loan if the company was delinquent on loan payments.

American State Bank and Trust said the loan initially was to mature in 2009, but that date was extended to January 2012. Under the extension, the bank agreed to carry nearly $1.2 million.

Because Oakmoor has made “infrequent” payments on the loan, Peoples Trust and Savings Bank has been inconsistent in principal and interest payments to the Kansas lender, according to the lawsuit.

American State Bank and Trust said it began pressing for details on the loan in June after learning that Knapp had defaulted on a loan to renovate the Equitable Building and faced federal charges related to asbestos abatement at the structure. It also noted that property taxes have not been paid.

According to Polk County property tax records, Oakmoor has been late on six tax payments since 2003 and currently owes $112,409 in delinquent taxes.

The Kansas bank is asking a federal judge to force Peoples Trust & Savings Bank to speed collection of the loan or make it due and payable. The lawsuit does not identify other banks that the Kansas lender says participated in the loan.