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Sac & Story county IA | 3 banks closed in our rural county in 1985. The deposits are available in a few days. The notes are a different deal. The banks were sold to new owners. The new owners could pick which loans they wanted. The FDIC owned the rest. They may settle with the borrower or sell loan to anyone. Loans that the payments were current, never a late payment, may be declared bad. The people that bought banks were generally "fast buck artists". Why wouldn't they be at that point? In 1986, there was a lot of land that the banks got tired of holding and just called some guy on a random Tuesday and sold it unbelievably cheap. Deal done before anyone knew about it. Not advertised, not auctioned, nothing. | |
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Farmed Through the 80's
