Radcliff pastor resigns as Gloryland Harvest faces foreclosure; still running for mayor
RADCLIFF, Ky. (WDRB) -- A Radcliff church faces millions of dollars in debt as its pastor resigns.
"When the banker says no hope, God says 'Oh no, no, no I'll take this one,'" said Jacob Pearman in a sermon from 2008.
He may need to remember this message now more than ever.
Gloryland Harvest Church owes Bank of the West $2.1 million and the bank is coming for the former pastor along with the church.
"The note is a balloon note. It ballooned, and when it ballooned the bank has asked for all their money," said Pearman, who built the church's sprawling campus off Woodland Drive in 2004.
He says the balloon payment wasn't the shock, it was changes at Fort Knox.
"When the Armor school moved, I lost 67 families at one time, which was close to half of my church when you include children and everybody else, and lost half of my income," he said.
The Armor school moved to Georgia in 2010
Bank of the West gave the church a two-year extension in 2011.
Pearman says this time the company is unwilling to restructure the debt and no other bank will give him a loan.
"You can imagine sitting in a 1,200-seat sanctuary that once had 500 to 600 people in it that now has 250 to 300 -- the dynamics of the whole ministry changes," he added.
With the church facing foreclosure, Bank of the West wants this property sold at auction. The proceeds would go to pay down the church's debt.
Pearman stepped down three weeks ago and turned over leadership to his son Nate.
"The Bible says he'll never put more on us than we can bear," Nate Pearman said in a recent sermon.
They're looking for a new place to worship as the former pastor sets his sights on a new job: the Mayor of Radcliff.
"How can you lead this city when the church you lead is not financially solvent?," asked WDRB's Gilbert Corsey.
"I can lead the city because what happened to us had nothing to do with our leadership," Jacob Pearman responded.
Pearman says he's a preacher needing faith now more than ever, unsure what the future holds.
"When you birth something from nothing and see it come to what it is, and then see this happen, discouragement tries to set in. But I've reconciled myself that I've done nothing wrong so I'm squaring my shoulders back, looking up, trusting in God and believing that the future of the ministry and my life is better to come," he said.
Bank of the West is based in San Francisco. Company leaders did not return WDRB's request for comment.
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