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North Central Illinois | I recall a story of a local farmer who came into the bank after harvest to pay off a mortgage at the beginning of the depression. The banker persuaded him to only pay the payment due and put the rest in savings because he'd need to take out a line of credit in the spring at a higher interest rate than the mortgage.
During the winter the bank failed and the farmer lost his savings, but still owed on the mortgage and had to borrow more in the spring anyhow.
Grandma in the 90s still banked the next town over because that bank stayed open through the depression. | |
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Bank closed during the depression
